As the Bitcoin price continues its upward or bullish trajectory, surpassing the $47,000 milestone and aiming for $48,000, recent data from BitMEX Research reveals a noteworthy influx of $405 million into the U.S. Spot Bitcoin ETF on February 8.
This surge in investment further highlights the growing interest and confidence in Bitcoin’s potential in the future.
During this week, there has been a notable surge in the BTC Coin’s price, attracting considerable attention from investors and enthusiasts. Notably, a significant influx of funds into the Bitcoin ETF occurred in a single day (8th February), making it the highest for this week.
Also Read: Bitcoin (BTC) Price Prediction
Bitcoin ETF Sees Impressive $405 Million Inflow
According to a recent report by BitMEX Research, the U.S. Spot Bitcoin ETF has been successful in attracting significant inflows. The data further indicates that since its launch, the Bitcoin ETF has accumulated a total inflow of $2.11 billion.
On February 8th, the ETF experienced a significant inflow of $405 million, which is approximately equivalent to 8,935 Bitcoins. It is worth mentioning that the notable inflows were primarily driven by investment powerhouses BlackRock (IBIT) and Fidelity (FBTC).
These industry leaders played a significant role in the increased investment activity within the Spot Bitcoin ETF.
Also Read: Bitcoin Price Skyrockets to $46K, Bullish Momentum Points Towards $48K?
Since its launch, the BlackRock Bitcoin ETF has successfully attracted approximately $3.5 billion in inflows, demonstrating its strong appeal to investors. In comparison, Fidelity has also experienced significant inflows, with approximately $2.81 billion flowing into its Bitcoin ETF.
On February 8, BlackRock reported an additional inflow of $204.1 million, while Fidelity recorded $128.3 million in inflows, further solidifying their positions in the crypto market.
Bitcoin (BTC) Price Rally Sparks Market Optimism
The BitMEX report of significant inflows into the Spot Bitcoin ETF aligns with a period of increased market optimism. Notably, Bitcoin’s price has surged by over 6% in the past 24 hours, reflecting growing investor confidence in the cryptocurrency.
Many crypto investors are eagerly anticipating the BTC Coin’s potential surge past the $50,000 mark. The recent Bitcoin rally has sparked speculation among crypto enthusiasts, with some attributing it to a rally before the Bitcoin halving.
The bullish sentiment continues to strengthen as Bitcoin Futures Open Interest (OI) experiences a significant surge. In the past 24 hours, OI has risen by 5.51%, reaching an impressive 444.81K BTC or $20.74 billion, as reported by CoinGlass data.
The bullish sentiment continues to strengthen as Bitcoin Futures Open Interest (OI) experiences a significant surge. In the past 24 hours, OI has risen by 5.51%, reaching an impressive 444.81K BTC or $20.74 billion, as reported by CoinmarketCap data.
Also Read: Bitcoin (BTC) Price Prediction
How High Will Bitcoin Go in 2024?
The price of the BTC Coin has experienced a 5.63% increase during writing and reached $47,247.94 over the past 24 hours, marking its highest level since January 11. Additionally, its trading volume saw a significant rise of almost 30% to $32.65 billion during the same period.
As per our expert’s technical analysis, the BTC Coin can hit its maximum price level of $89,319.62 with an average price range of $80,893.24 by the end of 2024. However, if there is any bearish scenario in the crypto market or any negative news surrounding Bitcoin, the value of the BTC Coin can go as low as $55,837.42 by 2024.
Also Read: Shiba Inu News: SHIB Burn Skyrockets by 200%, Price Rally to $0.01 on the Horizon?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
