The February month started with dull activity in the crypto market but the inflows in Spot Bitcoin ETFs have experienced a dramatic surge once again! On February 13, Tuesday, the combined inflows across all nine spot Bitcoin ETFs reached an astonishing $631 million.
This marked the largest single-day influx since the introduction of Bitcoin ETFs just last month, demonstrating the increasing interest and confidence in this investment vehicle.
Also Read: Bitcoin (BTC) Price Prediction
Record Inflows Pour into Bitcoin ETFs
According to the latest data from Farside Investors, BlackRock’s iShares Bitcoin ETF (IBIT) saw an incredible inflow of $493 million, solidifying its position as the leader among its competitors. Notably, Fidelity also recorded significant inflows on the same day, with $163 million pouring in.
These numbers highlight the growing interest and confidence in cryptocurrency investment options.
On the other hand, the outflows from the Grayscale Bitcoin Trust (GBTC) have shown a recent slowdown, remaining below $100 million for the past three days of this week. As of now, Bitcoin ETFs have received net inflows amounting to $3.7 billion.
Also Read: How to Send Bitcoin on Cash App? Step-By-Step Guide (2024)
BlackRock, the asset management giant, has attracted $4.6 billion in net inflows, while GBTC has experienced net outflows totaling $6.5 billion.
On February 12, Monday, Spot Bitcoin ETFs managed to acquire a staging 10 times more Bitcoin than what was generated by miners on the same day. Initial data suggests that spot Bitcoin ETFs received a substantial amount of at least $493.4 million, which is equivalent to an impressive 10,280 Bitcoin.
On the other hand, the Bitcoin miners produced approximately 1,059 BTC valued at roughly $51 million.
Also Read: Bitcoin Price Skyrockets to $46K, Bullish Momentum Points Towards $48K?
Is Bitcoin Headed for $60k?
As per CoinMarketCap, Bitcoin is trading at around $51,656.61 with a 3.10% increase in value in the last 24 hours. The market cap of the BTC Coin also crossed 1 trillion with an impressive trading volume of $39.8 billion.
According to our expert’s technical and price analysis, Bitcoin will cross $60,000 within 15 days if the current market positive trend continues. However, if there is any bearish trend or negative news surrounding the crypto market, the value of Bitcoin can drop as low as $45,834.
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.
