Recent market activity indicates a potential turnaround for Bitcoin, fueled by significant inflows into US spot Bitcoin ETFs. After a period of outflows and a price dip to $60,000, ETFs saw over $1 billion in net inflows across three trading days, with a peak of $506.51 million on Wednesday. BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows, purchasing substantial amounts of BTC directly from Coinbase Prime, totaling $289.6 million in a single hour. While Bitcoin briefly approached $70,000, it has since settled around $67,300, and some profit-taking has occurred. Despite the inflows, derivatives markets suggest caution, with traders still buying downside protection. Options pricing indicates a less than 6% implied probability of Bitcoin reaching $90,000 by late March. Fidelity suggests Bitcoin’s market structure has evolved, potentially diminishing the severity of its historical four-year boom-bust cycles. Altcoin ETFs, particularly those tracking Ether and Solana, have also experienced positive inflows.
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