As Bitcoin crosses $46,000 and heads towards $47,000, the US spot Bitcoin ETF saw a significant inflow of $405 million on February 8, according to data from BitMEX Research. This one-day inflow into the Bitcoin ETF, the highest this week, coincides with the ongoing recovery in Bitcoin price, sparking interest and speculation among investors and enthusiasts alike.
The Bitcoin ETF sees an inflow of $405 million
A recent report from BitMEX Research showed that the US spot Bitcoin ETF continued to see significant inflows despite facing challenges in its early days. Meanwhile, data shows that the Bitcoin ETF has received a total inflow of $2.11 billion since its launch on January 11th.
Notably, the ETF saw an inflow of $405 million on February 8 alone, which is equivalent to about 8,935 BTC. Investment giants BlackRock (IBIT) and Fidelity (FBTC) are at the forefront of inflows.
Since its launch, the BlackRock ETF has attracted around $3.5 billion in inflows, while Fidelity has seen $2.81 billion flow into its ETF. As of February 8, BlackRock recorded an inflow of $204.1 million, while Fidelity recorded an inflow of $128.3 million.
However, the report also showed that the performance of Grayscale's Bitcoin Trust (GBTC) has weighed on overall market sentiment, with outflows totaling $6.33 billion since January 11 and $101.6 million on February 8 .
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Source: BitMEX Research
Market optimism amid Bitcoin (BTC) price rally.
The report of significant inflows into the Bitcoin ETF coincides with a period of increased market optimism, as the price of Bitcoin has risen over 4% in the last 24 hours. Investors are eagerly awaiting the digital currency's possible rise above the $47,000 mark. Notably, this latest rally has fueled speculation among enthusiasts, with some attributing it to a pre-halving rally.
Also adding to the bullish sentiment is the increase in Bitcoin Futures Open Interest (OI), which rose 5.51% to 444.81 thousand BTC or $20.74 billion in the last 24 hours, according to CoinGlass data. Leading the OI growth is the CME exchange, which recorded a 9.79% increase to 117.23 thousand BTC or $5.46 billion. Binance follows close behind with a 5.78% increase to 109.76k BTC or $5.12 billion over the same period.
As Bitcoin continues to capture the attention of investors and enthusiasts around the world, the convergence of ETF inflows, price increases and increasing open interest in futures underscores growing confidence in the digital asset's potential for further growth and adoption.
Meanwhile, Bitcoin price rose 4.11% during writing and traded at $46,560.20 in the last 24 hours, its highest level since January 11. At the same time, trading volume also recorded a significant increase of 19% to $29.48 billion. Notably, the flagship cryptocurrency touched a high of $46,712.05 and a low of $44,600.46 in the last 24 hours.
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