Bitcoin ETFs (exchange-traded funds) had one other optimistic efficiency over the previous week, with billions of {dollars} flowing into the crypto funding merchandise.
Bitcoin ETFs: $2.2 Billion Inflows Over The Previous Week
The most recent data by BitMEX Research exhibits that the Bitcoin spot ETFs recorded greater than $2.2 billion in whole inflows between February 12 and February 16. In response to Bloomberg analyst Eric Balchunas, this determine is greater than some other exchange-traded product in the US took in during the last seven days.
As anticipated, BlackRock’s IBIT amassed the majority of this capital, because it continues to guide the pack within the spot ETF race. The fund attracted greater than $1.6 billion prior to now week alone, bringing its internet flows to $5.2 billion.
Eric Balchunas famous in his post on X:
$IBIT alone has taken in $5.2b YTD, which is 50% of BlackRock’s whole internet ETF flows, out of 417 ETFs.
Bitcoin ETFs each day flows | Supply: BitMEX Research
BlackRock’s funding product was adopted by Constancy’s FBTC, which posted about $648.5 million in internet inflows between February 12 and February 16. In third place was Ark Make investments’s BTCO, which has greater than $1.3 billion in whole flows since January 11, the day spot Bitcoin ETFs began buying and selling within the US.
Grayscale’s GBTC witnessed a complete outflow of about $623 million over the previous week. This determine represents a rise in GBTC outflow when in comparison with the earlier week’s $411 million.
The importance of the overall positive flows into the spot Bitcoin ETFs can already be seen within the worth of cryptocurrency, which rose to its highest stage in additional than two years over the previous week. The Bitcoin worth surpassed the $52,000 mark on Thursday, February 15.
ETF Buying and selling Quantity On The Rise
In response to a recent Santiment report, Bitcoin ETFs’ buying and selling quantity has been on the rise for the reason that begin of February. The on-chain analytics revealed that the 7 high spot ETFs registered greater than $1.8 billion of buying and selling quantity per day within the first half of the month.
📊 #Bitcoin‘s #ETF trading volume has began thriving once again here in mid-February. Over $1.8B of trading volume per day is occurring between the 7 most notable ETF’s (GBTC, IBIT, FBTC, ARKB, BTCO, BITB, HODL). Notably as $BTC crossed above $50K earlier
(Cont) 👇 pic.twitter.com/4f3ZJjyZLz
— Santiment (@santimentfeed) February 16, 2024
Actually, Santiment related the recent spurt in the price of Bitcoin with the explosion in BTC ETF buying and selling quantity. The analytics platform mentioned:
Notably as BTC crossed above $50K earlier this week, we noticed an explosion of help coming in through these ETFs.
As of this writing, Bitcoin is valued at $51,326, reflecting a 1.3% worth decline prior to now 24 hours.
Bitcoin worth at $51,598 on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from Shutterstock, chart from TradingView
