Bitcoin ETF

Bitcoin

BlackRock

<p>After registering two days of outflows under $100 million, the figure crossed the threshold once again on Thursday, February 8. Yesterday, the total outflows from GBTC stood at $102 million with money moving back into Bitcoin ETFs from two top players – BlackRock and Fidelity.</p>
<h2 id="gbtc-continues-to-bleed">GBTC Continues To Bleed</h2>
<p>While the outflows from GBTC were on the rise again, so were the inflows into spot Bitcoin ETFs. The total inflows into spot Bitcoin ETFs on Thursday stood at a staggering $403 million, the highest ever so far in February.</p>
<p>As per data from Farside Investors, BlackRock (IBIT) led the show clocking over $204 million in total infows. Fidelity (FBTC) came second with nearly $128 million in total inflows. This shows that the two players largely dominate the total inflows into spot Bitcoin ETFs ever since launch.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Solid volumes all around today but <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> topped the group. <a href="https://t.co/S8R5IbCyC4" rel="noopener noreferrer nofollow">pic.twitter.com/S8R5IbCyC4</a></p>
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1755728866247643465?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 8, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Although there were outflows from GBTC, the overall outlook remained optimistic, as total net inflows surged to a strong <a rel="noopener noreferrer nofollow" href="https://farside.co.uk/?p=997" target="_blank">$2.1 billion</a>, underscoring investor confidence in Bitcoin ETF products.</p>
<h3 id="bitcoin-etf-inflows-boost-btc-price">Bitcoin ETF Inflows Boost BTC Price</h3>
<p>Bitcoin surged beyond the <a href="https://coingape.com/bitcoin-hits-45k-amid-coinbases-transfer-of-4069-btc/" target="_blank" rel="noopener noreferrer nofollow">$46,000 mark</a>, reaching a one-month high, buoyed by indications of consistent inflows into Bitcoin ETFs. Additionally, there’s an increasing focus on the upcoming “halving” event scheduled for April.</p>
<p>Caroline Mauron, co-founder of digital-asset derivatives liquidity provider Orbit Markets, <a rel="noopener noreferrer nofollow" href="https://www.bnnbloomberg.ca/bitcoin-hovers-near-one-month-high-on-etf-inflows-looming-halving-1.2032868" target="_blank">suggests</a> that Bitcoin is poised to continue its upward trajectory following the slowdown in Grayscale outflows. Mauron anticipates that the “halving narrative” will gain momentum, potentially propelling Bitcoin beyond the <a href="https://coingape.com/bitcoin-btc-price-eyes-56970-as-exchange-supply-drops-to-six-year-low/" target="_blank" rel="noopener noreferrer nofollow">$50,000 mark</a> in the coming weeks.</p>
<p>Recent data indicates that the BTC futures premium reached its highest point in three weeks on Feb. 8, surpassing the 10% threshold for bullish markets. Furthermore, this metric suggests a lack of excessive optimism, providing support for Bitcoin to maintain its $45,000 support level.</p>
<figure id="attachment_179357" aria-describedby="caption-attachment-179357" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-179357" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Options-Data.webp" alt="" width="1184" height="515" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Options-Data.webp 1184w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Options-Data-300x130.webp 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Options-Data-768x334.webp 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-Options-Data-150x65.webp 150w" sizes="(max-width: 1184px) 100vw, 1184px">
 <figcaption id="caption-attachment-179357" class="wp-caption-text">
  Bitcoin 30-days options data. Courtesy: Laevitas
 </figcaption>
</figure>
<p>Following Bitcoin’s price breakout above $45,000 on Feb. 8, the BTC options 25% skew entered the bullish territory for the first time in two months, reaching the -7% range. This level, similar to the BTC futures metric, suggests moderate optimism, which is particularly noteworthy given concerns about deteriorating macroeconomic conditions potentially impacting Bitcoin’s price negatively.</p>
<p>The post <a href="https://coingape.com/grayscale-gbtc-outflows-rising-again-bitcoin-etf-february/" rel="noopener noreferrer nofollow">Grayscale GBTC Outflows Rising Again But Bitcoin ETF Inflows Top Feb Chart</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Grayscale GBTC Outflows Rising Again But Bitcoin ETF Inflows Top Feb Chart

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