Retail and institutional investors flock to buy spot Bitcoin ETFs as BTC price rallied nearly 7% to over $48,000 on Friday. BTC price extends upside momentum after Friday’s options expiry, recording a 12% rally in the last three days.
Spot Bitcoin ETFs Saw $542 Million Inflow
According to the latest Bitcoin ETF inflow data, the new nine and Grayscale’s GBTC spot Bitcoin ETF saw a net inflow of $542 million on Friday, as United States investors FOMO before the market closes.
BlackRock (IBIT), Fidelity (FBTC), and Ark 21Shares Bitcoin ETF recorded the largest inflows of $250.7, $188.4, and $136.5 million, respectively. Bitwise (BITB), VanEck (HODL), and others also saw significant inflows. However, inflow for Invesco Galaxy Bitcoin ETF (BTCO) witnessed a $17.4 million outflow.
Notably, GBTC saw a $51.8 million outflow, the lowest outflow day yet for Grayscale’s spot Bitcoin ETF. Bloomberg ETF analyst James Seyffart reacted to the drop in GBTC outflow as the market awaits a paradigm shift in the spot Bitcoin ETF market. GBTC net outflow rises to $6.38 billion.
Net inflow for spot Bitcoin ETF since the launch, excluding GBTC, reaches more than $9 billion. BlackRock and Fidelity Wise Origin Bitcoin ETFs leading with $3.7 billion and $3 billion inflows, respectively.
Lowest outflow day yet for $GBTC — $51.8 million https://t.co/YK5Wplyil8
— James Seyffart (@JSeyff) February 9, 2024
Also Read: GBTC Records Lowest Outflow Yet at $51.8 Million
Bitcoin price rise beyond $48,000, with high odds of breaking $50,000, which corresponds with a notable $405 million flows into spot Bitcoin ETFs on Thursday. The sentiment is higher as signaled by the Fear and Greed index value of 66 (greed).
Crypto stocks such as Coinbase (COIN) and MicroStrategy (MSTR) opened over 6%, and Robinhood Markets (HOOD) up 2% amid BTC price rally, closing much higher. Coinbase closed 7.12% high at $141.99 and MicroStrategy closed 9.95% high at $646.32 on Friday.
BTC price is trading at $47,308 paring some gains due to profit booking by traders in the last 24 hours. The 24-hour low and high are $46,136 and $48,152, respectively. Furthermore, trading volume has increased by more than 30%.
Traders, especially in the U.S., anticipate a continued rally until the US CPI data release on February 13.
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