Crypto investment products are up again in terms of inflows, giving the crypto industry a much-needed breather.
Recent market dynamics have seen Bitcoin leading the surge of inflows into crypto investment products, signaling a possible resumption of bullish sentiment.
Institutional Investors Pump $862 Million Into Crypto Market
James Butterfill termed the inflow registered last week as a “recovery for ETFs.” This is rightly so, as these US-based Spot Bitcoin ETFs gave investors a scare in the prior week with lackluster inflow, hinting at the possibility that the bull run could be coming to an end. This led to crypto investment products bleeding for the first time after seven consecutive weeks of inflows.
Buying Opportunity For Bitcoin?
Bitcoin’s price surge for the past few months has largely been due to action surrounding Spot Bitcoin ETFs. Interestingly, last week’s inflow activity saw Bitcoin breaking into the $70,000 price territory multiple times last week. This bullish momentum wasn’t sustained, allowing the bears to create a resistance at around $71,000.
Nevertheless, the inflow indicates something bullish might be brewing behind the scenes. Fundamentals surrounding the crypto point to a bullish price action throughout April, particularly as the next halving approaches.
Bitcoin went through bearish price action over the weekend, correcting by almost 7% from $71,285. At the time of writing, Bitcoin has broken below a support at $68,500 and is now trading at $66,510. According to Santiment, the price dip has given crypto traders a sense of buying opportunity with calls of “buy and bullish” spiking across social media.
