FETUSD Fetch

BlackRock’s Bitcoin ETF, IBIT, achieved a remarkable milestone on March 5. Attracting a staggering $788 million, it exceeded its previous record of $612 million in inflows in a single day. This surge in investment coincided with Bitcoin reaching a new all-time high (ATH) of $69,300, surpassing its previous ATH set in 2021. Bitcoin ETF Trading Volumes Reaches Record $10 Billion Shortly after Bitcoin hit its new milestone, the market experienced a notable price correction, dropping below $60,000. However, this dip seemed to entice ETF buyers who saw it as an opportunity to accumulate Bitcoin at a discounted price.  As a result, the Bitcoin price has quickly recovered and reached the $65,200 level, positioning itself for further price gains and consolidation above its ATH. Related Reading: Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test According to Bloomberg ETF expert Eric Balchunas, the ten Bitcoin ETFs traded a staggering $10 billion in volume on the same day, breaking the previous record set just a week ago.  The expert noted that this surge in trading activity is not entirely unexpected, as volatility and volume often go hand in hand with ETFs. Balchunas also highlighted that several ETFs, including Blackrock’s IBIT, Fidelity (FBTC), Bitwise (BITB), and Arkham (ARKB), achieved record-breaking trading volumes. Interestingly, while the Bitcoin ETFs experienced a surge in inflows, the Grayscale Bitcoin Trust (GBTC) continued its trend of outflows since the ETFs launched on January 11.  Balchunas noted that GBTC has seen nearly $10 billion in outflows, yet its total assets under management remain unchanged since its launch. This phenomenon can be attributed to the bull market subsidy, wherein investors continue to hold assets despite outflows, generating revenue for the trust. A Temporary Halt Before Further Gains? Bitcoin’s recent price action has encountered resistance at its ATH level of $69,000, signaling a temporary rejection from this crucial point. This coincides with the activation of the Golden Ratio Multiplier, the first and only cycle top indicator to have fired thus far. Related Reading: Fetch.AI (FET) Price Gains Another 15% Following This Big News The Golden Ratio Multiplier, an indicator often used in technical analysis, has seen its cycle top band (level 5) rise to $69,099, aligning perfectly with Bitcoin’s recent peak. However, considering this is the sole indicator predicting a cycle top, some analysts, including Crypto Con, believe that a significant market correction may not have occurred yet. According to Crypto Con, this current phase represents a temporary resting place for Bitcoin’s early parabolic ascent. Crypto Con suggests that once Bitcoin breaks through the ATH, it will begin a new phase characterized by heightened market activity and potential price gains.  Featured image from Shutterstock, chart from TradingView.com