Bitcoin ETFs experienced their third-largest influx

Bitcoin ETFs experienced their third-largest influx on Feb. 8, totaling $403 million, coinciding with Bitcoin’s price surpassing $46,000 to mark a new multiweek high. Despite over $100 million exiting the Grayscale Bitcoin Trust (GBTC), spot Bitcoin exchange-traded funds (ETFs) have seen total inflows exceeding $2.1 billion since their launch on Jan. 11, indicating robust demand for BTC.

Leading the ETF flow chart, BlackRock iShares Bitcoin Trust (IBIT) attracted $204 million in inflows, followed by Fidelity with $128 million, ARK 21Shares with $86 million, and Bitwise with $60 million. Despite GBTC recording $102 million in outflows, IBIT became the first ETF to surpass GBTC’s daily trading volume.

Bloomberg senior analyst Eric Balchunas noted the significance of BlackRock surpassing Grayscale in trading volume, typically a feat achieved over five to 10 years for a new fund.

The positive flow into Bitcoin ETFs reflects increasing appetite and demand from investors, with around $403 million, or approximately 8,698 BTC, transferred into cold storage. Since their launch, spot Bitcoin ETFs have witnessed record trading volume, surpassing $1 billion daily, indicating strong investor interest.

With the Bitcoin halving approaching in less than 70 days, reducing the market supply of BTC by half, institutional investor demand could drive BTC to new market highs.