Santiment Predicts Bitcoin ETF Activity to Last Until Halving

Blockchain data firm Santiment predicts that the Bitcoin exchange-traded funds (ETFs) will sustain the elevated activity till the halving event. The firm considers the robust activity a foregone conclusion until halving expected on April 20. 

The on-chain analytics firm forecasts that the flows will remain high until the supply crunch of Bitcoin takes effect later this month. Santiment observes that Bitcoin ETF volume has yet to slow since mid-March, when the largest crypto by market value set an all-time high price of $$73,737.94 as per CoinGecko. 

Santiment observes that the Trader activity remains notably higher than the turning point in late February. Santiment illustrated in a Tuesday, April 8 publication on X (formerly Twitter) that the uptrend steam began following the influx of individual-based trading.  

Elevated Spot ETF Activity to Last Until Halving

Santiment projects that high ETF activity is certain for two weeks till the halving of BTC rewards to miners after completing the block. The analyst firm illustrated that the halving event, though occurring every four years, is expected to occur on April 20. 

Santiment observes a daily volume of $3.19 billion in the top-seven ranked ETFs. Nonetheless, the analyst firm illustrates that an exciting development is likely in ETF and on-chain volume after the Bitcoin halving.

Yield App executive Lucas Kiely’s continued accumulation of Bitcoin through the spot ETFs could erode the likelihood of the network witnessing large swings post-halving. The executive added that spot Bitcoin ETF had portrayed surging volumes that hit $111 billion last month. The trading volume almost tripled in February, illustrating the sustained interest in the spot Bitcoin ETFs. 

A review of the Bitcoin ETF activity by Farside Investors shows the inflows rebounded late last week, yielding over $200M net inflow on Thursday and Friday.

The increased activity ended the low inflows realized on April 1 at $85.7 million. The low start in April marked a trend reversal from the robust days in late March. 

Grayscale’s GBTC Outflows Not Slowing Spot ETFs Activity

Santiment optimistic projection occurs amid the Grayscale sustained hemorrhage that is dragging aggregate figures. The outflows mirror the bleeding witnessed at the onset of spot ETF trading days in mid-January. 

A review of last week’s activity reveals that Grayscale Investment bled $738 million from its GBTC fund. The outflow took the BTC exiting the fund to 294,313. 

The industry executives are upbeat on the crypto market value doubling in 2024. Ripple Labs chief executive Brad Garlinghouse indicated that the crypto market will leverage the spot ETFs and Bitcoin halving.

Garlinghouse informed CNBC on Sunday, April 7, of his optimism that macro trends blending with a long-term view of ETFs will attract real institutional money into the digital assets. The inflow will ultimately fuel the crypto market uptrend. 

Editorial credit: Rokas Tenys / Shutterstock.com