Bitcoin ETFs and Crypto Stocks Surge as BTC Price Surpasses $47,000

Spot Bitcoin ETFs and Crypto Stocks Surge as BTC Price Surpasses $47,000

Spot Bitcoin exchange-traded funds (ETFs) and crypto-related stocks have witnessed a significant surge in pre-market trading following the breakout of Bitcoin’s price above $47,000. This rally is believed to be fueled by investors, including large-scale holders, who are reinvesting in the crypto market.

Massive Pre-Market Trading in Crypto Stocks and Spot Bitcoin ETF

Leading stocks such as Coinbase (COIN), MicroStrategy (MSTR), and Robinhood Markets (HOOD) have seen an increase of over 6% and 2% respectively due to the rising BTC price. Additionally, Bitcoin mining stocks like Marathon Digital, Riot Blockchain, TeraWulf, and CleanSpark Inc have also experienced a boost in value.

CleanSpark’s stock price has surged by 27% following a strong earnings report and plans to acquire four mining facilities.

Increased Demand for Spot Bitcoin ETFs

All spot Bitcoin ETFs have opened significantly higher, indicating a substantial demand for Bitcoin. Bloomberg ETF analyst James Seyffart revealed that Thursday marked the third-largest inflow day for spot Bitcoin ETFs since their launch. The initial day saw an inflow of over $655 million, while January 17 recorded more than $453 million.

Notably, BlackRock (IBIT) and Fidelity (FBTC) spot Bitcoin ETFs lead the inflow, while GBTC has experienced an outflow of over $100 million.

Surge in Bitcoin Futures Open Interest

The surge in bullish sentiment is further supported by the increase in Bitcoin Futures Open Interest (OI), which has risen by 5.51% in the past 24 hours. This represents a total of 444.81K BTC or $20.74 billion in value. CME exchange has witnessed the highest growth in OI, with a surge of 9.79% to reach 117.23K BTC or $5.46 billion.

Binance closely follows with a 5.78% increase to 109.76K BTC or $5.12 billion within the same timeframe.

Bitcoin Price Surpasses $47,000

Bitcoin’s price has experienced a 5% jump in the last 24 hours, currently trading at $47,204. The 24-hour low and high are recorded at $44,909 and $47,579 respectively. Furthermore, trading volume has increased by more than 28%.

Analyst Skew emphasizes the significance of spot flows, particularly during the late US session, stating that it is important to monitor large BTC holders during high-volume days with discounts.