Bitcoin ETFs: Inflows of $2.2 Billion in the Past Week
Over the past week, Bitcoin ETFs have seen a positive performance, with billions of dollars flowing into these crypto investment products. According to data from BitMEX Research, Bitcoin spot ETFs recorded over $2.2 billion in total inflows between February 12 and February 16. This is the highest amount of inflows for any exchange-traded product in the United States during that period.
The majority of this capital went to BlackRock’s IBIT, which attracted more than $1.6 billion in the past week alone. This brings its net flows to $5.2 billion. Fidelity’s FBTC came in second place with around $648.5 million in net inflows, followed by Ark Invest’s BTCO with over $1.3 billion in total flows since January 11.
On the other hand, Grayscale’s GBTC witnessed an outflow of about $623 million over the past week, which is an increase compared to the previous week.
ETF Trading Volume on the Rise
A recent report from Santiment reveals that Bitcoin ETFs’ trading volume has been increasing since the start of February. The top seven spot ETFs registered more than $1.8 billion of trading volume per day in the first half of the month.
Santiment associates this surge in trading volume with the recent rise in Bitcoin’s price. They state that as Bitcoin crossed above $50,000 earlier this week, there was an explosion of support coming through these ETFs.
As of now, Bitcoin is valued at $51,326, reflecting a 1.3% price decline in the past 24 hours.
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