Bitcoin spot Exchange-Traded Funds (ETFs) marked a remarkable milestone on February 8, recording a single-day net inflow of $405.04 million, according to data from SoSoValue. This influx is part of a broader trend, as it extends a continuous streak of net inflows into these ETFs over ten consecutive days. This sustained interest from investors is a notable indicator of confidence in the midst of a fluctuating market environment.
The Grayscale Bitcoin Trust (GBTC), one of the primary ETFs, experienced a net outflow of $101.62 million on the same day, contrasting sharply with the overall trend. Meanwhile, the remaining nine ETFs, excluding Grayscale’s GBTC, saw a combined net inflow of approximately $504 million, highlighting the diverse investor appetite for Bitcoin exposure through regulated financial products.
Leading the charge among these Bitcoin ETFs was BlackRock’s IBIT, with a notable single-day net inflow of around $204.11 million. Following closely were Fidelity’s Bitcoin ETF (FBTC) and ARK 21Shares Bitcoin ETF (ARKB), which recorded inflows of approximately $128.33 million and $86.39 million, respectively. These figures underscore the growing interest and investment in cryptocurrency ETFs, offering investors a way to gain exposure to Bitcoin without the complexities of direct ownership.
Bitcoin Price Climbs Above $47K
This surge in ETF inflows coincides with a significant recovery in Bitcoin’s price, which crossed the $47,000 mark, reaching a current price of $47,482. The cryptocurrency has seen a 5.61% increase in the last 24 hours, with its 24-hour trading volume also up by 31.07%, standing at $34,016,586,125. This rebound is particularly noteworthy given Bitcoin’s dramatic fall following the U.S. Securities and Exchange Commission’s (SEC) approval of nearly a dozen spot ETFs on January 10.
The market experienced a period of stagnation after the ETFs went live, leading to a temporary lull in Bitcoin’s price momentum. However, the tide began to turn yesterday as the *BTC* surged to $45,000 for the first time since the Bitcoin spot ETF approvals, marking a significant recovery. The past 12 hours have seen even more gains, pushing the cryptocurrency to a new monthly high of over $47,000 and making it one of the best crypto to buy now.
The influx of funds into Bitcoin spot ETFs and the concurrent price rally highlight renewed optimism in the cryptocurrency market. Investors are seemingly looking past the initial volatility post-ETF approvals, focusing on the potential for long-term growth. As Bitcoin spot ETFs provide a regulated and potentially less risky entry point into the crypto market, their appeal is expected to grow, possibly drawing more mainstream investors into the Bitcoin and broader cryptocurrency ecosystem.
The ongoing developments signal a maturing market, with institutional and retail investors alike showing increasing confidence in cryptocurrency as a legitimate and valuable asset class. As the crypto market continues to evolve, the role of Bitcoin spot ETFs is likely to become increasingly central to the overall crypto investment landscape.
