As the Bit coin ETF market is seeing inflows again, issuers are massively purchasing BTC. Major issuers Fidelity and Ark Invest acquired over $40 million worth of Bit coin yesterday.
Rumor has it that BlackRock, the largest ETF issuer, also made similar purchases, but this has not been confirmed yet. New purchases by asset managers could provide the needed bullish momentum for the market.
Bit coin ETF, Impact of a New Bull Market?
After a consistent ETF outflows week, the market is recovering again. On Monday, the US spot Bit coin ETFs recorded a net inflow of $274 million. This is the largest daily inflow since February 28th.
Meanwhile, Blockchain analytics platform Arkham claimed that BlackRock is purchasing large amounts of BTC.
"ARKHAM ALERT: BlackRock is purchasing $40 million in BTC. BlackRock is buying. Fidelity is buying. Ark is buying," the company said via social media.
However, despite these claims, on-chain data does not align. Fidelity and Ark Investments posted $41.16 million in inflow transactions today, acquiring large amounts of BTC.
While the two ETF issuers had other Bit coin inflows as well, BlackRock's on-chain data actually shows a net decrease in BTC holdings.
These other major ETF issuers are indeed purchasing Bit coin, and independent verification clearly shows this. ETF analyst Shaun Edmondson claimed they bought 665 BTC last Friday and 3,261 BTC on Monday.
Bit coin's price is highly volatile, which could add to the turmoil in the ETF market. Last week, the collective holdings of issuers fell below Satoshi's wallet, a milestone crossed three months ago.
However, with most Bit coin ETFs showing bullish momentum this week, institutional investors seem to be regaining confidence to re-enter the market.
Overall, institutional investors have had a significant impact on Bit coin market movements over the past year. If net inflows in the ETF market remain positive, they could create the needed bullish momentum to counter today's downtrend.
