United

Bitcoin

Bitcoin exchange-traded funds (ETFs) had another strong week, with net inflows surpassing $2.2 billion from Feb. 12–16. According to Bloomberg analyst Eric Balchunas, the combined volume was higher than inflows received by any other among the 3,400 ETFs available in the United States.&nbsp;
BlackRock’s iShares Bitcoin Trust (IBIT) received the majority of capital, amassing positive flows of $1.6 billion over the week, <a href="https://twitter.com/BitMEXResearch/status/1758911218180301233" target="_blank" rel="noopener nofollow">according</a> to&nbsp;data from BitMEX Research. “$IBIT alone has taken in $5.2b YTD, which is 50% of BlackRock's total net ETF flows, out of 417 ETFs,” <a href="https://twitter.com/EricBalchunas/status/1758845246924783973" target="_blank" rel="noopener nofollow">noted</a> Balchunas.
Among the spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs holding billions of dollars in assets, Fidelity’s Wise Origin Bitcoin Fund saw significant inflows, attracting $648.5 million over the last five trading sessions. The Ark 21Shares Bitcoin ETF garnered $405 million during the same period, while the Bitwise Bitcoin ETF pulled $232.1 million in capital inflows.
Outflows from the Grayscale Bitcoin Trust are hampering the combined performance of the other newly approved spot Bitcoin ETFs. The fund saw $624 million in withdrawals from Feb. 12–16 as investors continued to sell. Since its conversion from an over-the-counter product to a spot ETF on Jan. 10, Grayscale’s fund has seen over $7 billion in capital outflows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/59a61c41-f9a7-44c2-b3a8-5c644e0e654c.png" alt="" title="">
 <figcaption style="text-align: center;">
 ETFs flows from Feb. 12–16. Source: Bloomberg Intelligence/Eric Balchunas.
 </figcaption>
</figure>
The new ETFs are believed to be one of the factors driving Bitcoin’s recent price gains. The cryptocurrency&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-unlikely-to-hit-all-time-high-before-the-halving-here-is-why">is up 91% in the past four months</a>, supported by market sentiment surrounding the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10.
During the week, Bitcoin gained nearly 7% and is trading at $51,434 at the time of writing, climbing 24% in February. 
Major banks and financial institutions are also taking notice of the new ETFs. In a Feb. 14 letter, a trade group coalition representing Wall Street’s biggest firms&nbsp;<a href="https://cointelegraph.com/news/big-banks-push-sec-change-crypto-accounting-bitcoin-etf-action">requested the SEC to consider modifications</a> to the Staff Accounting Bulletin 121, which provides guidance around accounting for crypto asset custody obligations. The revision would allow banks to act as custodians of the BTC funds. 
Magazine: <a href="https://cointelegraph.com/magazine/crypto-inevitable-all-in-meet-vance-spencer/">‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull</a>

Bitcoin ETFs post $2.2B net inflows in a week

Cointelegraph

Other articles published on Feb 17, 2024

Spot Bitcoin ETF Outranks 3,400 Rivals With $2.3B Weekly Inflow

Analyst Reveals 3 Signs That Will Tell You When Bitcoin Is About to Top

XRP News: Core Devs Releases Rippled 2.1 for XRP Ledger AMM

Internet Computer Surpasses Cardano in Developer Activity

Altcoins to Watch Before the Next Bull Run: Polkadot (DOT), Chainlink (LINK) and InQubeta (QUBE)

Circle and Coinbase call for stricter oversight of Tether amid allegations

Join our free newsletter for daily crypto updates!