Bitcoin ETF Inflows Surpass $2.2 Billion, Driving Price Surge
Over the past four days, Bitcoin ETF inflows have skyrocketed, reaching a total of over $2.2 billion. This amount is greater than the combined inflows during the first four weeks of trading for these funds. Market participants consider this bullish sentiment to be a key driver behind Bitcoin’s recent rally, which saw its price surpass $52,000.
Record-Breaking Daily Net Inflows for Bitcoin ETFs
Data from Apollo, a Bitcoin tracking platform, reveals that ten spot BTC Exchange-Traded Funds (ETFs) have experienced a surge in interest. Within the last four days, these funds accumulated 43,300 Bitcoin in inflows. This achievement is notable as it took them 20 days to amass 42,000 Bitcoin after receiving approval.
Leading Bitcoin ETFs and Challengers
The top performers in terms of assets under management (AUM) are BlackRock’s iShares Bitcoin fund, Fidelity’s Wise Origin, and Ark21 Shares fund. Bitwise’s Bitcoin ETF BITB recently joined this group on February 14. However, Valkyrie, VanEck, Invesco, Franklin Templeton, and WisdomTree’s Bitcoin Trust are yet to reach the $500 million AUM mark.
Grayscale Outflows Slow Down as Inflows Surge
The surge in Bitcoin ETF inflows coincides with a slowdown in Grayscale outflows. Initially, investors were shifting away from Grayscale towards other ETFs. Although net outflows currently stand at approximately $7.2 billion, Grayscale still holds over 463,475 BTC for its GBTC ETF compared to the over 242,090 BTC accumulated by other issuers in less than three months.
Bitcoin Hits $1 Trillion Market Cap
The increased demand for spot Bitcoin ETFs has had a significant positive impact on the BTC market. This surge in interest has propelled Bitcoin’s price above $52,000, a level not seen since December 2021, and helped it achieve a market capitalization of $1 trillion.
Short Position Liquidations and Price Movement
In the last 24 hours, over $73.82 million worth of short positions have been liquidated, according to Coinglass data. BTC is currently trading at $51,805, representing a 4% increase over the past 24 hours and a 17% increase over the past week.
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