Bitcoin ETFs see explosive inflows as price tops $50,000

exchange68September 12, 2024

0 1 1 minute read

Quick Take

The recent surge in Bitcoin’s price, passing the $50,000 mark on Feb. 12, the highest level since December 2021, has been mirrored by substantial net inflows into Bitcoin exchange-traded funds (ETFs).

Provisional data by Farside Investors shows that BlackRock’s IBIT witnessed a net inflow of $375 million on Feb. 12, raising its total holdings to a remarkable $4.1 billion. Furthermore, Fidelity’s FBTC also experienced a significant net inflow of $152 million, resulting in an overall total of $3.2 billion.

Data shows Invesco Galaxy Bitcoin ETF (BTCO) saw consecutive days of net outflows totaling $38 million, the first of the Newborn Nine to do so. Grayscale Bitcoin Trust (GBTC) also exhibited net outflows slightly below $100 million, placing the total net outflows at $6.5 billion. Consequently, the overall net inflows for Bitcoin currently stand at $3.1 billion.

Bitcoin ETF data: (Source: Farside Investors)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.