# Bitcoin ETFs Witness $274.6 Million Injection, Ceasing Five-Week Drain – Is a BTC Value Turnaround on the Way?
Bitcoin exchange-traded funds documented a $274.6 million injection on March 17, igniting conjecture about a prospective turnaround.
Bitcoin (BTC) ETFs have undergone a significant alteration, ceasing a chain of successive drains with an overall injection of $274.6 million on March 17, the highest single-day injection since February 4. All five Bitcoin funds observed net injections, with Fidelity’s FBTC heading the group at $127.3 million. ARKB came in second with $88.5 million in new injections, succeeded by BlackRock’s IBIT at $42.3 million, Grayscale Bitcoin Trust at $14.2 million, and Bitwise’s BITB at $2.3 million. No funds documented net drains on the day.
While these numbers seem promising, it’s worth observing that Bitcoin ETFs had just finished a five-week duration of drains totaling nearly $5.4 billion, according to SoSoValue data. This was largely pushed by macroeconomic ambiguity following Trump’s introduction of tariffs, which offset his positive impact of supporting Bitcoin and other assets by including them in strategic reserves.
Meanwhile, the value of Bitcoin is presently wavering around $83,000, trading at $82,883, down slightly over 1% on the day. The 20-day exponential moving average, situated at $85,559, is acting as a dynamic resistance level that BTC is struggling to conquer. Failure to recover the 20-day EMA suggests that bears remain in control. A break and sustained hold above the $85,500 resistance could signal a move towards $88,000-$90,000. However, a break below the $82,000 support could lead to further declines towards the next support level at $80,000.
However, if we zoom out, the broader trend still suggests long-term bullish potential, hence the $274 million injection.
On the 17th of March, a considerable influx of $6 million arrived, implying that institutional backers may be recovering their assurance after a prolonged spell of withdrawing their capital. Hong Kong Asia Holdings Expands Bitcoin Holdings with New Purchase
Trader Coinvo remarked that Bitcoin lately shattered a cup and handle configuration and established an optimistic flag configuration, implying a prospective ascent to $125,000 in the subsequent months. Thus, if Bitcoin can reconquer a crucial barrier threshold, a pessimistic stabilization around $82,000 to $83,000 could arrange the framework for the subsequent escalation.
Please note: This does not constitute financial guidance. The material presented herein is solely intended for instructional objectives.
