Spot Bitcoin ETFs Attract Record Inflows as GBTC Outflows Decrease
On February 13, spot Bitcoin ETFs saw a surge in daily net inflows, with over $631 million flowing into funds. This coincided with a decrease in outflows from Grayscale’s converted GBTC. Excluding GBTC, nine spot Bitcoin ETF issuers received $704 million in inflows, indicating a growing demand for exchange-traded funds backed by crypto’s largest asset.
BlackRock dominated the inflows, accounting for 70% of the day’s trading worth $493 million. This surge in spot Bitcoin ETFs marked a new historical high and continued the trend of net inflows since their launch on January 11.
In contrast, Grayscale’s GBTC experienced substantial outflows in its first few trading days. However, the outflows have decreased to $72 million at present. Despite this, Grayscale still holds over 467,000 BTC for its GBTC ETF.
BTC Market Cap Surpasses $1 Trillion due to Spot Bitcoin ETF Demand
The demand for spot Bitcoin ETFs has also influenced the market prices of BTC. The leading cryptocurrency reached a 25-month high by surpassing the $51,000 mark for the first time since December 2021. BTC has gained over 20% in the past week and now holds a market capitalization of over $1 trillion.
Why is Bitcoin going up? There are more buyers than sellers. No need to overcomplicate it. ETF inflows are massive.
Scott Melker, BTC proponent
BTC currently ranks among the top assets globally, trailing only Meta, Silver, Amazon, Google, Nvidia, Saudi Aramco, Apple, Microsoft, and Gold. It is also within 25% of its previous all-time high of $69,000.
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