US Bitcoin ETFs have set a new record for the longest streak of positive inflows in March! This surge in demand has propelled the largest digital asset to reach new heights.
Since their launch on January 11, investment in Bitcoin ETFs has reached $15.6 billion, with total assets now standing at $62.3 billion. BlackRock Inc. and Fidelity Investments have seen unprecedented success with their Bitcoin funds, marking a significant shift in the crypto market from Asia to the US.
Market speculators are bullish on Bitcoin’s future, predicting that it will surpass its previous all-time high of $73,798 this month. This optimism is fueled by the growing demand for ETFs and expectations of a Federal Reserve interest rate cut.
According to Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, there has been a substantial inflow into Spot-Bitcoin ETFs. The overall macroeconomic trends are favoring crypto, as economic growth slows and signs of disinflation persist.
Last week, BlackRock’s iShares Bitcoin Trust became the world’s largest fund for the token, surpassing Grayscale Investments LLC’s Bitcoin fund. Fidelity Wise Origin Bitcoin Fund also holds a significant position in the market.
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