Will The Bull Run Continue?
The ETFs have been largely successful, propelling Bitcoin to a new all-time high of nearly $70,000 on March 5. This may be because of the huge amount of inflows that the ETFs have seen. As more people buy shares of the ETFs, the companies are forced to buy Bitcoin to keep up. This has resulted in huge amounts of buying activity for Bitcoin.
On March 5, when Bitcoin reached a new all-time high, the BlackRock ETF (IBIT) saw a record inflow of $788.3 million in a single day. This meant that BlackRock had to buy over 11,000 Bitcoins, which likely brought Bitcoin to its new high.
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