Data from American crypto exchange-traded funds (ETF) tracker, Farside, shows that U.S.-approved spot bitcoin (BTC) ended Wednesday on the bullish side despite the crypto market downtrend. The inflow signals investors’ rekindled confidence in the investment funds and their backing of the crypto asset.
Notably, none of the ETFs recorded any outflows. Six of the funds recorded inflows, while the rest were dormant on the business day, resulting in a massive $319.5 million inflow.
$320 Million Inflow
The BlackRock Bitcoin Trust, IBIT, was at the forefront of the bullish day, as investors poured about $232 million into the ETF. Thus, it covers over 74% of the green day. This sharply contrasts with the previous day, when it did not record any buy or sell transactions.
Directly behind IBIT was Fidelity’s FBTC, which reversed from its previous day’s $91 million outflow to amass $36.1 million from investors. Remarkably, FBTC has an all-time inflow of $11.6 billion.
Other ETFs on the list, including Grayscale’s BTC, Bitwise BITB, VanEck HOLD, and Ark 21shares ARKB, contributed to the bullish day by taking in $50.5 million on Wednesday.
Bitcoin’s Price Action
Following an announcement on Monday, which seemed to end the ongoing tariff war between two essential players in the global importation and exportation market, America and China, the crypto market surged massively, with BTC reaching $105,800 a few hours after the declaration. Similarly, other high market cap coins soared as they were pushed by the wave of the news.
However, the bullish move didn’t last for long as the market tumbled with BTC touching $100,800 on the same day, dragging other cryptos alongside.
Meanwhile, many crypto market analysts have expressed confidence in a forthcoming price pump for BTC and altcoins. Bernstein analysts have predicted that the crypto could move upward by an extra 90%-100% to reach $250,000 before the year runs out.
Concurrently, institutions and countries have taken steps to be in line for market pump profits. Despite its ongoing war, Ukraine has revealed plans to partner with crypto exchange, Binance, to establish its strategic national bitcoin reserve. Additionally, American healthcare firm, KindlyMD, has merged with Nakamoto Holdings and raised $710 million for bitcoin purchases.
