Bitcoin Targets $74K as BTC ETFs Witness Record $1B in Net Inflows

On Tuesday, spot bitcoin exchange-traded funds experienced a significant influx of 14,706 BTC, equivalent to over $1 billion, as per data tracked by BitMEX Research.

Bitcoin (BTC) surged above $73,000 early Wednesday, marking a 2.5% increase in 24 hours and reversing the losses incurred on Tuesday following a $360 million liquidation event that caused prices to plummet.

This upward movement came after a historic day for exchange-traded fund (ETF) inflows, both in terms of dollars and bitcoin. BitMEX Research data revealed that spot bitcoin ETFs garnered a net inflow of 14,706 BTC, surpassing a previous February record of $673 million in inflows.

Blackrock recorded a remarkable $849 million in inflows, while Grayscale experienced outflows amounting to $79 million. The total inflow surpassed the $4 billion mark.

Some traders interpreted the bitcoin price surge as indicative of institutional buying activity.

“The intraday movement resembles the behavior of large institutional traders, with trading algorithms reacting to the movement and retail traders often following suit,” commented Alex Kuptsikevich, a senior market analyst at FxPro, in an email to CoinDesk. “In any case, the overall trend remains bullish, and bitcoin is approaching its previous highs as European trading begins.”

Overall, professional investors maintain a bullish sentiment, with expectations of a potential “sell-side crisis” later in the year as ETF-driven buying demand continues to rise.

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