- As Bitcoin surpasses the $46,000 mark and heads towards $47,000, the U.S. Spot Bitcoin ETF recorded a significant inflow of $405 million on February 8.
- A recent report from BitMEX Research indicates that despite facing challenges in its early days, the U.S. Spot Bitcoin ETF continues to attract noteworthy inflows.
- Investment giants BlackRock (IBIT) and Fidelity (FBTC) are among the major contributors to the inflow.
As Bitcoin experiences a notable recovery on Friday, current reports on ETFs contribute to positive sentiments.
Bitcoin Aiming for $47,000
As Bitcoin surpasses the $46,000 mark and heads towards $47,000, the U.S. Spot Bitcoin ETF recorded a significant inflow of $405 million on February 8, according to BitMEX Research data. This single-day fund flow, coinciding with the ongoing rally in Bitcoin’s price, triggers interest and speculation among investors.
The recent report from BitMEX Research shows that despite initial challenges, the U.S. Spot Bitcoin ETF continues to attract significant inflows. Data reveals that the Bitcoin ETF has accumulated a total of $2.11 billion in inflows since its launch on January 11.
Notably, on February 8 alone, the ETF saw an inflow of $405 million, equivalent to around 8,935 BTC. Investment giants BlackRock (IBIT) and Fidelity (FBTC) are among the top contributors. Since its launch, the BlackRock ETF has attracted approximately $3.5 billion in inflows, and Fidelity’s ETF recorded an inflow of $2.81 billion. On February 8, BlackRock reported an inflow of $204.1 million, while Fidelity recorded an inflow of $128.3 million.
However, the report also indicates that the performance of Grayscale’s Bitcoin Trust (GBTC) has an impact on overall market sentiment. Outflows from GBTC amounted to a total of $6.33 billion since January 11, with $101.6 million on February 8.
Market Optimism Amid Bitcoin (BTC) Price Rally
The report on significant inflows into the Bitcoin ETF aligns with a period of high market optimism as Bitcoin sees a rally of over 4% in the last 24 hours. Investors eagerly anticipate the potential for Bitcoin to surpass the $47,000 mark. This recent rally is attributed by some enthusiasts to a halving rally.
According to CoinGlass data, Bitcoin Open Interest (OI) in Futures, indicating bullish market conditions, has increased by 5.51% in the last 24 hours to reach 444.81K BTC or $20.74 billion. Leading the OI growth, the CME exchange has surged by 9.79% in the same period, reaching 117.23K BTC or $5.46 billion. Binance closely follows with a 5.78% increase, reaching 109.76K BTC or $5.12 billion in the same period.
As Bitcoin captures the attention of investors and enthusiasts worldwide, the convergence of ETF inflows, price rallies, and increased open interest in futures underscores growing confidence in the digital asset’s potential for further growth and adoption.
Meanwhile, as of this writing, the Bitcoin price has increased by 4.11%, trading at $46,840 within the last 24 hours, reaching its highest level since January 11. At the same time, trading volume increased by 19% to $29.48 billion. Notably, the leading crypto reached its highest level of $46,863 and the lowest level of $44,600.46 in the last 24 hours.
