The digital currency scene is changing rapidly, notably with the rise of spot Bitcoin exchange-traded funds (ETFs) gaining traction lately due to their approval earlier this year. This significant progress continued into March, with spot Bitcoin ETFs showing daily net inflows amounting to $179 million, marking the fourth day in a row where such growth was observed, as per SoSo Value data.

Particularly, the overall net inflow by March 28th hit an impressive $12.13 billion, with daily net inflows reaching $183 million. Driving this positive momentum was the iShares Bitcoin ETF from BlackRock, attracting a substantial $95.12 million in net capital influx. On another note, Fidelity's Wise Origin Bitcoin Fund drew in $69.09 million in net inflows.

Nevertheless, the overall landscape hasn't been entirely rosy. The leading Grayscale Bitcoin Trust experienced ongoing net outflows, with about $105 million moving out of the product on March 28th, indicating a possible shift in investor preferences towards the newer spot ETFs that provide increased transparency and clarity.

While the launch of spot Bitcoin ETFs was promising, it's crucial to observe a gradual decline in trading volumes from their peak earlier in March. Data from The Block suggests cumulative volumes nearing $200 billion, now at $177.9 billion as of March 27th, showcasing a downward trend post the initial excitement surrounding their release.

Despite the dip in trading activity, assets under management (AUM) and on-chain holdings for spot Bitcoin ETFs remained stable following their peak earlier in the month. Notably, nine newly launched spot Bitcoin ETFs have quickly accumulated a substantial 500,000 BTC since January, equivalent to 2.54% of Bitcoin's circulating supply, valuing $35 billion in just 54 trading days.

Broadening the perspective, all spot Bitcoin funds in the US market, including Grayscale, hold approximately 835,000 BTC, representing about 4% of Bitcoin's total supply. This week witnessed a positive turnaround with ETF inflows stepping up to $845 million, effectively countering the outflow trend seen since March 18th, indicating renewed investor trust in digital assets.

Adding complexity to the scenario, Bitwise presented an S-1 application for an Ethereum ETF on March 28th. Eric Balchunas, an ETF expert, expressed skepticism about its approval chances in May, estimating a modest 25% probability. He pointed to the SEC's unclear communication as a possible barrier, potentially leading to further challenges.

Despite the uncertainties revolving around Ethereum ETFs, the outlook for Bitcoin remains optimistic. Priced at $69,870, Bitcoin sustains a favorable position surpassing key technical indicators like the 50-day and 200-day exponential moving averages (EMAs), marking a positive upward path.

Bitcoin has surged by 22% in the last 30 days, maintaining its upward momentum. A climb towards the $72,000 level could trigger movement towards the all-time high (ATH) of $73,808 on March 14th. A breakthrough beyond this point might propel Bitcoin closer to the $75,000 milestone.

In the upcoming days, market players are advised to closely watch BTC-spot ETF market talks, SEC actions, and the US economic calendar for potential price impacts. While reaching the ATH appears feasible, a dip below the vital $69,000 support level could signal a correction towards the $64,000 support zone.