On February 8th, the physically-backed Bitcoin exchange-traded fund (ETF) recorded a significant influx of funds totaling $430 million. This occurred despite an outflow of over $100 million from the Grayscale Bitcoin Trust (GBTC).
Since its inception on January 11th, total inflows into physically-backed Bitcoin ETFs have surpassed $2.1 billion, indicating strong demand for BTC in the market. This recent influx marks the third-largest inflow into physically-backed Bitcoin ETFs, coinciding with Bitcoin’s price surpassing $46,000. Bitcoin has been reaching new highs in February, approaching the year-to-date high by $2,000.
BlackRock’s ETF led the way with a $240 million influx, followed by Fidelity with $128 million, and ARK Invest’s Bitcoin ETF with $86 million. Bitwise ranked fourth with $60 million, while the remaining seven ETFs saw a total inflow of $27 million. Conversely, GBTC recorded an outflow of $120 million.
BlackRock’s ETF has been driving the Bitcoin market, pushing prices higher past the $49,000 level. It is anticipated that Bitcoin will continue to set new highs, with the potential to update its previous records. The outlook remains bullish for Bitcoin.
