Bitcoin ETF Outflows and Inflows
After two days of outflows, Bitcoin ETFs saw a return of inflows on February 8. GBTC experienced outflows of $102 million, while spot Bitcoin ETFs received inflows of $403 million, the highest in February so far. BlackRock and Fidelity were the top players contributing to the inflows.
Optimistic Outlook for Bitcoin
Despite the outflows from GBTC, the overall sentiment remained positive as total net inflows reached $2.1 billion. This reflects investor confidence in Bitcoin ETF products. The consistent inflows into Bitcoin ETFs contributed to a surge in Bitcoin’s price, surpassing $46,000 and reaching a one-month high. The upcoming “halving” event scheduled for April is also generating attention.
Experts believe that Bitcoin’s upward trajectory will continue due to the slowdown in Grayscale outflows. The “halving narrative” is expected to gain momentum, potentially pushing Bitcoin above $50,000 in the coming weeks.
Support for Bitcoin’s Price
Recent data shows that the BTC futures premium reached its highest point in three weeks on February 8, indicating a bullish market sentiment. Additionally, the BTC options skew entered bullish territory for the first time in two months. These metrics suggest moderate optimism and support Bitcoin’s $45,000 support level despite concerns about macroeconomic conditions impacting its price negatively.
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