• Sat. Apr 13th, 2024

BTC ETFs Accounts for $2.2 Billion in Net Inflows

Maria Bartiromo

ByMaria Bartiromo

Feb 18, 2024

Latest update says that Bitcoin exchange-traded funds (ETFs) recorded $2.2 billion in net inflows over the last week, reflecting a notable spike in investor interest. This spike in inflows has been linked to investors’ rising trust in Bitcoin as a reliable investment vehicle.

It emphasizes the growing acceptance of exchange-traded funds (ETFs) as a practical means of getting exposure to the cryptocurrency market. Recent data, as published on Bitcoinist platform indicates that Assets Under Management (AUM) for Bitcoin ETFs have increased significantly, with net inflows of $5.2 billion in recent weeks.

In the last week, the fund brought in almost $1.6 billion, indicating a sharp increase in investor interest in investment products linked to Bitcoin. The increase in inflows coincides with a more significant upward trend in the cryptocurrency market, as the price of Bitcoin has recently surged to all-time highs.

Reason for the Increased Capital Inflow Explained, More Applications Continues

The capital inflow into Bitcoin ETFs has been described as a sign that investor preferences are moving in favour of easily accessible and regulated investment vehicles when it comes to getting exposure to the cryptocurrency market.

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Opeyemi Sule, a market analyst with Bitcoinist had described the current increase in inflows into Bitcoin ETFs as indicative of a more significant movement in the mainstream toward accepting cryptocurrencies as respectable financial options. He  explained that the broader financial sector also mirrors the increasing popularity of Bitcoin ETFs, as investment firms and traditional asset managers are introducing new ETF products to satisfy investor demand.

The general cryptocurrency market has stayed up to 91% in the past four months and has been supported by different market sentiments. The sudden success has been attributed to the recent approval of the spot BTC ETF by the United States Security and Exchange Commission  (SEC) on January 10. 

BlackRock’s IBIT Attracted $1.6 Billion, Fidelity’s FBTC, $648.5 Million

In the presence of the recent spike in inflows, some analysts warn that operational and legal issues could still arise for Bitcoin ETFs. However, factors like Market volatility, regulatory scrutiny, and custody issues are a few of the variables that may affect Bitcoin ETF performance and uptake in the future.

Available data shows that BlackRock’s iShares Bitcoin ETF (IBIT) generated a large chunk of the company’s capital as it continues to outperform its pairs in the spot BTC ETF niche. It was also disclosed that last week alone, the IBIT funds attracted over $1.6 billion, summing up the total flows to  $5.2 billion.

Topping the second-performing BTC ETF is Fidelity’s FBTC, accounting for around $648.5 million in total inflows, dating between February 12 and February 16.  The price of BTC, as at the time of writing, is trading at $51,326, with a slight decline of 1.3% in the last 24 hours. With a market capitalization of $1,016,405,787,223, increasing by 1.11%, the BTC recorded $16,526,982,373 in trading volume, with a 16.41% drop in 24 hours.

Bitcoin ETF Witness Major Increase in February, Makes $1.8 Billion 

In the third position for the top-performing ETF is Ark Invest’s Invesco Galaxy Bitcoin ETF (BTCO), which has accumulated over $1.3 billion from January 11. GBTC by Grayscale recorded  $623 million the first day the spot BTC ETF commenced trading in the United States, representing a rise in the GBTC outflow compared to it’s former $411 million accounted for last week.

A report from Santiment says that the trading volume of BTC ETF has been on the increase since February. The report also revealed that the seven most prominent spot ETFs had recorded over  $1.8 billion in trading volume every 24 hours in the first half of February.

BitMEX Research, in its latest report, disclosed that the BTC spot ETFs cumulatively had over $2.2 billion in inflows between February 12 and February 16. Eric Balchunas, a cryptocurrency analyst with Bloomberg, described this figure as heightened. He said it is above what other ETF products in the U.S. accounted for in the past seven days.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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