Bitcoin ETF Attracts $405 Million Inflow
A recent report has revealed that the U.S. Spot Bitcoin ETF has seen a significant inflow of $405 million on February 8, coinciding with Bitcoin’s ongoing rally. Since its launch on January 11, the Bitcoin ETF has accumulated a total inflow of $2.11 billion. Notably, investment giants BlackRock and Fidelity have led the way in terms of inflows, with BlackRock attracting around $3.5 billion and Fidelity seeing $2.81 billion flow into their respective ETFs.
However, the performance of Grayscale’s Bitcoin Trust has had a negative impact on market sentiment, with outflows totaling $6.33 billion since January 11.
Market Optimism Amid Bitcoin Price Rally
The significant inflows into the Bitcoin ETF align with a period of heightened market optimism as Bitcoin’s price has surged over 4% in the last 24 hours. Investors are eagerly anticipating a potential surge past the $47,000 mark. The rally has fueled speculation among enthusiasts, with some attributing it to a pre-halving rally.
In addition to this bullish sentiment, Bitcoin Futures Open Interest (OI) has risen by 5.51% in the last 24 hours, reaching 444.81K BTC or $20.74 billion. The CME exchange has experienced the highest growth in OI at 9.79%, followed closely by Binance.
The convergence of ETF inflows, price rallies, and increasing futures open interest reflects growing confidence in Bitcoin’s potential for further growth and adoption.
At present, the Bitcoin price is up 4.11%, trading at $46,560.20 over the last 24 hours with a trading volume of $29.48 billion.
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