Bullish for BTC? Institutional and Retail Investors’ Appetite for Bitcoin Is Growing, Shows This Coinbase Metric

Bitcoin reclaimed another crucial resistance area as it climbed above $69,000 this week. With the upcoming halving drawing near, investors are preparing for the price fluctuations that accompany this event.

However, the latest data suggests a promising trend for the leading crypto assets as two critical factors shift positively.

• According to CryptoQuant’s analysis, the Coinbase Premium Index is now higher once again. Such a trend is essentially indicative of renewed interest from US retail and institutional investors.
• Meanwhile, spot Bitcoin ETFs saw a significant net inflow of approximately $15.7 million, ending a five-day streak of outflows.
• While Grayscale’s GBTC outflows are yet to slow down, Fidelity’s spot Bitcoin ETF – FBTC – has seen a $262 million inflow on March 25th, contributing to its total assets under management (AUM) of $7.2 billion.
• On the other hand, BlackRock’s fund IBIT, which has been the largest contributor since its inception, attracted a modest $35.5 million inflow, well below its usual average.
• Despite the IBIT fund having an AUM of $13.4 billion, the combined inflows from both companies still fall short of Grayscale’s holdings.
• But BlackRock and Fidelity experiencing 50 consecutive days of inflows is a remarkable feat for a recently launched ETF, as noted by Bloomberg’s ETF analyst, Eric Balchunas, who said that it is “unheard of for a new ETF.”
• These indicators collectively signal a potential upward trajectory for Bitcoin’s price in the coming days.