Bitcoin ETFs See Inflows of $590 Million
On February 13, eight Bitcoin ETFs saw daily inflows of 12,073 BTC worth $590 million. The leading spot Bitcoin ETFs were BlackRock’s iShares Bitcoin Trust and Fidelity’s FBTC. BlackRock’s iShares added 7,497 BTC ($366.5 million), while Fidelity’s FBTC increased holdings by 3,039 BTC ($148.5 million). Other ETFs with significant inflows included ARK 21 Shares, Bitwise Bitcoin ETF, Vaneck Bitcoin Trust, and Valkyrie Bitcoin Trust.
Total Bitcoin Holdings in ETFs
The total amount of BTC held by the eight Bitcoin ETFs (excluding Grayscale) is currently 227,986 BTC since their approval on January 10. Including Grayscale, the total reaches 693,374 BTC, equivalent to over $34 billion. BlackRock’s iShares has become one of the top 5 U.S. ETPs by capital inflow, surpassing $3.19 billion since its launch.
Grayscale Outflows Slow Down
The recent surge in Bitcoin ETF interest is partly due to the slowdown in Grayscale Bitcoin Trust outflows. Many investors sold their GBTC shares last month to close an arbitrage opportunity and move their investments into newer and more cost-effective ETF options offered by firms like BlackRock and Fidelity. The rate of outflows from GBTC has decelerated, with the fund recording its smallest daily withdrawal of 1,147 BTC on February 13.
Impact on BTC Price
The rapid accumulation of spot Bitcoin ETFs has influenced the price of BTC. After an initial decline following the start of trading on January 11, Bitcoin’s price has recently surged to over $51,000, reaching its highest point in over two years.
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