Spot Bitcoin ETFs record $15M in net inflows, buoys BTC, STX and 0DOG

• Bitcoin (BTC) price surges to above $71k again as spot Bitcoin ETFs record $15 million in net inflows.
• Stacks (STX) reached a new all-time high of $3.80 and analysts are bullish on its potential.
• New NFT and game project Bitcoin Dogs (0DOG) nears market launch; it captivated the community with its first-ever ICO on Bitcoin.

Bitcoin has soared to above $71,000 again as spot BTC ETFs see net inflows for the first time in nearly a week.

Meanwhile, analysts are bullish on Bitcoin L2 project Stacks (STX), which hit a new all-time high as BTC broke above $71k. There’s also great anticipation around Bitcoin Dogs (0DOG), a new project whose ICO on Bitcoin attracted over $13.4 million.

Bitcoin price surges as spot ETFs see net inflows

The spot Bitcoin ETFs market has witnessed a flip in flows following a streak of net outflows.&

On Monday, March 25, the spot Bitcoin ETFs market recorded net inflows of over $15 million, the first positive return for the US-listed ETFs that had extended their net outflows to a five-day streak.

While Grayscale’s GBTC continued to see outflows, recording over $350 million on the day, the rest of the ETFs turned green. Fidelity’s FBTC beat BlackRock’s IBIT to the top of single day net inflows on the day with approximately $261 million compared to $35.48 million.

The turnaround came as Bitcoin’s price raced to above $70,000. Incidentally, BTC has dropped to lows of $60,000 last week as net outflows increased, with over $836 million in outflows recorded in the week to March 21.

Stacks (STX) reached a new all-time high

With Bitcoin price retesting levels above $71,000, the market optimism is back as greed & fear index returns to extreme greed levels.

Analysts say altcoins will take up fresh bids and could explode in coming weeks.

Muneeb Ali, the CEO of Trust Machines and co-creator of Bitcoin L2 protocol Stacks, says this could be the wrong time to bet against Bitcoin. Muneeb shared the opinion via a post on X, pointing to events surrounding the highly anticipated BTC halving.

Three events around Bitcoin halving:

1) Bitcoin’s daily supply drops by 50%
2) Runes, assets on Bitcoin L1, launch
3) Stacks Nakamoto L2 instantiation

And you’re bearish on Bitcoin, anon?

— muneeb.btc (@muneeb) March 26, 2024

As Bitcoin soared above $71k on Monday, Stacks (STX) price jumped to a new all-time high of $3.80.&

The token’s price trajectory has echoed BTC movements over the past year. It soared as markets rallied on spot ETFs approval in January and mirrored the bellwether crypto again as it roared to its all-time high above $73k earlier this month.

Investors await Bitcoin Dogs market debut

Analysts predict that STX price could seek a new ATH as crypto markets extend their bullish outlook beyond the Bitcoin halving. The launch of new projects within the Bitcoin ecosystem adds to the positive forecast for BTC.

The outlook is also similar for new tokens native to an emerging era of NFTs, gaming and DeFi on Bitcoin.

Bitcoin Dogs (0DOG), the project that launched the first-ever BRC-20 presale and raised over $13.4 million, stands out as one of the most highly anticipated tokens in the wider Bitcoin Ordinals and BRC-20 market.

BRC-20 tokens currently have a market cap of $3.05 billion, but experts have forecast the new ecosystem on Bitcoin could be a $500 billion market in the next few years.&

The excitement around Bitcoin Dogs suggests 0DOG price could explode on its trading debut. Expectations for Bitcoin L2 and BRC-20 tokens also means there’s potential for long term traction for 0DOG.

After its token sale, the project is eyeing next steps including potential launch on major exchanges and debut of its game and NFTs.&

The Bitcoin Dogs roadmap outlines these milestones and the team has reassured presale participants that major announcements are on the horizon.

Learn more about Bitcoin Dogs here.

The post Spot Bitcoin ETFs record $15M in net inflows, buoys BTC, STX and 0DOG appeared first on CoinJournal.

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