Spot Bitcoin ETF Records $323.90 Mln Net Inflows, Reaching $5 Billion

Highlights

Spot Bitcoin ETFs recorded inflow of more than $323 million on February 16
BlackRock's iShares Bitcoin ETF holdings surpassed $6.2 billion
Bitcoin price moves sideways due to fewer sellers amid bullish sentiment

Spot Bitcoin ETFs ended the week with $323.90 million inflows on Friday, slightly lower than the $477 million Bitcoin ETF inflow on Thursday. The Bitcoin ETFs typically have high net inflow on last trading days of the week, but a possible supply crunch over high demand and fewer Bitcoin sellers caused a slowdown.

Bitcoin ETF Net Inflows

According to the latest data by Farside, spot Bitcoin ETFs saw $323.90 million net inflow on Friday. Following the latest inflow, Bitcoin ETFs have now recorded a net inflow of nearly $5 billion. It means over 100,000 BTCs have moved into spot Bitcoin ETFs since launch.

BlackRock’s iShares Bitcoin ETF (IBIT) saw another enormous inflow of $191.4 million on Friday, with the total inflow to date surpassing $5.36 billion. IBIT leads by a wide margin, with BTC holdings of more than 119.6K valued at over $6.2 billion.

On Friday, Ark 21Shares Bitcoin ETF (ARKB) recorded second highest inflow of $140 million. Followed by $116.7 million in Fidelity Bitcoin ETF (FBTC) and $20.9 million in Bitwise Bitcoin ETF (BITB).

Grayscale Investments’ GBTC witnessed $150.4 million outflow, slowing from Thursday’s outflow of $174.6 million. Thus, the net inflow for spot Bitcoin ETFs, excluding GBTC, was actually $474.3 million. Meanwhile, GBTC net outflow has now surpassed 7 billion.

Also Read: Coinbase Custody Alone Manages 90% of All Bitcoin ETFs Assets

BTC Price Steady at $52K

BTC price moving range bound near the $52K level, with the price currently trading at $51,944. The 24-hour low and high are $51,641 and $52,537, respectively. Price movements were volatile after the US PPI release on Friday.

Furthermore, the trading volume has decreased further by 28% in the last 24 hours, indicating a decline in interest among traders as price moves sideways. Analysts predicted sideways or down movements in the next few days.

The significant inflow into BTC ETFs is poised to impact the crypto market dynamics profoundly. On-chain data providers, including CryptoQuant, suggest that the sustained buying pressure from these ETFs could propel Bitcoin’s price to new heights.

Also Read: Bitcoin (BTC) Retail Participation Drops But Institutions Contribute to Supply Squeeze

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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