According to Cointelegraph:Spot Bitcoin exchange-traded funds (ETFs) saw their third-largest influx on Feb. 8, with a total of $403 million, the same day Bitcoin (BTC) price crossed the $46,000 mark, approaching a new yearly high. This happened despite over $100 million being withdrawn from the Grayscale Bitcoin Trust (GBTC).
Since the launch of these spot Bitcoin ETFs on Jan. 11, they have recorded over $2.1 billion in total inflows, underlining the robust demand for Bitcoin in the market. BlackRock iShares Bitcoin Trust (IBIT), with $204 million, led the pack in terms of inflows, followed by Fidelity with $128 million, ARK 21Shares with $86 million, and Bitwise with $60 million. The remaining seven ETFs combined saw $27 million in inflows.
Notably, IBIT surpassed GBTC's daily trading volume, marking the first time an ETF has achieved this milestone. Bloomberg senior analyst Eric Balchunas pointed out that BlackRock surpassing Grayscale in trading volume is quite a feat, noting that new funds typically take five to 10 years to overtake the category's "liquidity king."
The positive flow into Bitcoin ETFs is seen as indicative of increased investor appetite for Bitcoin. The net ETF inflows signify that approximately $403 million, or nearly 8,698 BTC, has moved into cold storage.
Trading volumes have risen significantly since the US Securities and Exchange Commission approved the listing of spot Bitcoin ETFs. These ETFs saw daily trading volumes exceeding one billion dollars, pointing to heightened investor interest.
As the next Bitcoin halving is less than 70 days away, which will reduce the BTC supply from 6.25 BTC to 3.125 BTC per block, the growing institutional demand combined with the diminishing supply could potentially drive BTC to new market highs.
