Bitcoin Price Surges Past $50,000 Mark
The price of Bitcoin has exceeded $50,000 due to a significant influx of investments from spot Bitcoin exchange-traded funds (ETFs). These ETFs have accumulated ten times more Bitcoin than what miners produced on Monday. Approximately $493.4 million, equivalent to around 10,280 BTC, flowed into spot Bitcoin ETFs as of February 12. The leader in attracting investments is BlackRock’s IBIT, with $374.7 million. Fidelity’s FBTC fund follows closely behind with $151.9 million, while Ark 21Shares’ ARKB fund secured $40 million. Despite minor outflows from Grayscale and Invesco’s BTCO, there was a net inflow of nearly half a billion dollars.
Spot ETFs Outpace Mining Production
In contrast to the substantial inflows into spot ETFs, Bitcoin miners only produced approximately 1,059 BTC on the same day. This represents just 10% of the amount accumulated by spot ETFs. On February 9th, spot ETFs captured around 12,700 BTC worth $541.5 million, while mining contributed only 980 BTC valued at around $45 million.
BlackRock and Fidelity Lead Inflows
BlackRock has been leading in terms of inflows, with $250.7 million on February 9th. Fidelity followed closely behind with $188.4 million, and Ark 21Shares witnessed substantial inflows of $136.5 million. Grayscale’s outflows decreased to their lowest level of the week at $51.8 million.
Wall Street Shows Growing Affinity for Bitcoin
In an interview on CNBC’s Squawk Box, Bitcoin pioneer Anthony Pompliano highlighted the increasing demand for Bitcoin from Wall Street. He emphasized that there is a demand for Bitcoin that is 12.5 times greater than its daily production.
Spot BTC ETFs Experience Increased Trading Volume
Last week, spot Bitcoin ETFs saw their total daily trading volume exceed $1 billion, with BlackRock emerging as the top performer. BlackRock and Fidelity’s spot Bitcoin ETFs also ranked among the top 10 funds with the highest inflows in January. The Grayscale Bitcoin Trust (GBTC), however, experienced significant outflows.
The price of Bitcoin is currently around $50,000, up by more than 4% in the past day.
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