bitcoin Spot ETFs are seeking a new high after an incredible start to the new week. The price of btc has risen by 8% in the last day, and this has caused euphoria in the market. There could be several factors behind this; However, institutional investors appear to be playing an important role as daily inflows continue to rise.
bitcoin ETF Spot Inflows Surpass $400 Million
According to Bloomberg analyst James Seyffart, btc Spot ETF inflows are not slowing down. In a screenshot shared According to the analyst on Tuesday, Seyffart reveals that inflows into Spot btc ETF exceeded $400 million.
The image shows that the Fidelity Wise Origin bitcoin Fund is leading the charge with $243.3 million in inflows, representing more than 50% of the total inflow. It is followed by the ARK 21Shares bitcoin ETF with significant inflows of $130.6 million. The third largest inflows into a single fund during the day were in the Bitwise bitcoin ETF, which recorded $37.2 million in inflows.
<img decoding="async" class="alignnone wp-image-577052 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Spot-bitcoin-ETF.png?w=460&resize=602%2C204″ alt=”bitcoin Spot ETF” width=”602″ height=”204″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/02/Spot-bitcoin-ETF.png?w=782 782w, https://www.newsbtc.com/wp-content/uploads/2024/02/Spot-bitcoin-ETF.png?w=460&resize=602%2C204 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Spot-bitcoin-ETF.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Spot-bitcoin-ETF.png?w=750 750w” sizes=”(max-width: 602px) 100vw, 602px” loading=”lazy” data-recalc-dims=”1″/>
Source: X
Other funds, including Franklin bitcoin ETF, VanEck bitcoin Trust, and WisdomTree bitcoin Fund, recorded smaller inflows of $7.9 million, $6.2 million, and $0.9 million, respectively. In total, income to the six funds amounted to $426 million.
However, the Grayscale bitcoin Trust (GBTC) continues to bleed during this time, with outflows of $22.4 million in the 24-hour period. This brought total net flows to $403.6 million. At the same time, funds such as iShares bitcoin Trust, Invesco Galaxy bitcoin ETF, and The Valkyrie bitcoin Fund recorded negligible inflows during this time period.
Looking for a new record
The capital inflows into bitcoin Spot ETFs over the past day are a testament to the demand these products are receiving from the market. As institutional investors gain more exposure to BitBTCcoin, demand is expected to increase, especially as the btc price continues to perform well.
The inflow volumes, while not the largest in a single day so far, are significant when compared to others. For example, Seyffart notes that the daily record was recorded from the first day of trading, when capital inflows reached $655 million. The second largest net flow in a single day was recorded at the beginning of the month, on February 13, with $631 million. “A big $IBIT day could see us surpass Day 1's record,” Seyffart declared.
At the time of writing, btc price is experiencing a pullback after reaching a new 2-year high of $57,000. It has seen gains of 8.58% in the last 24 hours to trade at $55,900, according to data from CoinMarketCap.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Why-did-Bitcoin-price-rise-above-57000-today" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price establishes support above $56,000 | Source: BTCUSD on Tradingview.com
Featured image from U.Today, chart from Tradingview.com
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