bitcoin ETFs (exchange-traded funds) had another positive performance over the past week, with billions of dollars flowing into cryptocurrency investment products.
bitcoin ETF: $2.2 billion inflows over the past week
The last data from BitMEX Research shows that bitcoin spot ETFs recorded over $2.2 billion in total inflows between February 12 and February 16. According to Bloomberg analyst Eric Balchunas, this figure is more than any other exchange-traded product in the United States in the last seven days. .
Unsurprisingly, BlackRock's IBIT accumulated the majority of this capital as it continues to lead the spot ETF race. The fund attracted more than $1.6 billion last week alone, bringing its net flows to $5.2 billion.
Eric Balchunas pointed out in his publish in X:
$IBIT alone has raised $5.2 billion to date, representing 50% of BlackRock's total net ETF flows of 417 ETFs.
<img decoding="async" class="aligncenter wp-image-282243 size-large" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-ETFs-See-Net-Inflows-of-22-Billion-in-Last.jpeg" alt="bitcoin ETF” width=”857″ height=”660″ srcset=”https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=1200 1200w, https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=545 545w, https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=857 857w, https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/GGjobVtWkAARim9.jpeg?w=1140 1140w” sizes=”(max-width: 857px) 100vw, 857px” data-recalc-dims=”1″/>
bitcoin ETFs daily flows | Source: BitMEX Research
BlackRock's investment product was followed by Fidelity's FBTC, which recorded around $648.5 million in net inflows between February 12 and 16. In third place was Ark Invest's BTCO, which has more than $1.3 billion in total flows since January 11, the day of bitcoin ETFs. It began marketing in the United States.
Grayscale's GBTC witnessed a total outflow of around $623 million over the past week. This figure represents an increase in GBTC outflow compared to $411 million the previous week.
The importance of overall positive flows into bitcoin spot ETFs can already be seen in the price of the cryptocurrency, which rose to its highest level in more than two years over the past week. The price of bitcoin surpassed the $52,000 mark on Thursday, February 15.
ETF trading volume on the rise
According to a recent Santiment report, bitcoin ETF trading volume has been increasing since early February. On-chain analysis revealed that the top 7 ETFs recorded over $1.8 billion in trading volume per day in the first half of the month.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin's #ETF Trading volume began to thrive once again here in mid-February. Over $1.8 billion of trading volume occurs per day among the top 7 ETFs (GBTC, IBIT, FBTC, ARKB, BTCO, BITB, HODL). particularly as $btc crossed above $50,000 before
(Continued) pic.twitter.com/4f3ZJjyZLz
– Sentiment (@santimentfeed) February 16, 2024
In fact, Santiment associated the recent rise in bitcoin price with the explosion in btc ETF trading volume. The analytics platform said:
Notably, when btc broke above $50,000 earlier this week, we saw an explosion of support across these ETFs.
At the time of writing, bitcoin is valued at $51,326, reflecting a 1.3% price drop in the last 24 hours.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-ETFs-See-Net-Inflows-of-22-Billion-in-Last" alt="bitcoin ETF” width=”2174″ height=”1434″/>
bitcoin price at $51,598 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
