US Spot Bitcoins ETFs Record Best Net Daily Inflows In 6 Weeks Ahead Of FOMC Meeting

US Spot Bitcoin ETFs (exchange-traded funds) recorded their best net daily inflows in 6 weeks as traders and investors prepare for the upcoming Federal Open Market Committee (FOMC) meeting.

The BTC funds saw $274.6 million enter their reserves collectively yesterday, marking the best net daily inflows since Feb. 4, according to data from Farside Investors. 

That comes as the FOMC’s two-day meeting commences today. Investors and traders are now waiting to see if interest rates will be hiked, slashed or remain steady, which could impact the crypto market.

spot Bitcoin ETFs

Fidelity’s And Ark’s Spot Bitcoin ETFs Top BlackRock’s IBIT In Daily Inflows

Of the 11 spot Bitcoin ETFs in the US, BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB, Ark’s ARKB and Grayscale’s BTC were the only funds to record inflows yesterday. The remaining ETFs recorded no new flows.

FBTC pulled in the most capital yesterday, with $127.3 million entering the fund’s reserves. The next biggest net daily inflows yesterday were posted by ARKB with investors adding $88.5 million to the spot Bitcoin ETF. 

Both FBTC and ARKB topped BlackRock’s IBIT in net inflows yesterday. However, BlackRock’s spot Bitcoin ETF remains the leader when it comes to cumulative inflows. 

Renowned Analyst Says BTC Has Consolidated In Historical Range That Led To A Break Out In The Past

Pseudonymous trader and analyst Rekt Capital noted in a March 17 X post to his more than 542.8K subscribers that Bitcoin has consolidated in a historic zone following the 15% crash in the last month. 

“Back in June 2021, price was consolidating between the 21-week EMA (green) and 50-week EMA (blue) after a crash,” he wrote, before adding,” Right now, Bitcoin is consolidating between the same EMAs after a crash.” He concluded the post by saying that Bitcoin surged within a month after the first crash, suggesting that history may repeat itself in this instance.

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