2024-03-04

Record Inflows into Bitcoin ETFs Mark Positive Sentiment in Cryptocurrency Market

2 min read
Bitcoin, ETFs, inflows, cryptocurrency, market sentiment

According to data from prominent cryptocurrency journalist Colin Wu, on February 9, 2024, there was a remarkable surge in funds flowing into Bitcoin exchange-traded funds (ETFs), totaling $541 million. This figure represented an all-time high, excluding the inaugural trading day. Positive trends have now persisted for 11 consecutive days, signaling growing confidence in the market.

Wu highlighted that on the same day, the outflow from the Grayscale Bitcoin Trust (GBTC) ETF reached a record low of $51.81 million. This dip marked the lowest point since the transition of the trust into a spot ETF. Additionally, researchers from BitMEX Research shared insights into the cryptocurrency landscape, noting a net inflow of $541.5 million into Bitcoin ETFs.

Analysts underscored another significant development: the first observed outflow from non-GBTC ETFs. Invesco’s BTCO experienced a withdrawal of $17.4 million, contrasting with Blackrock’s IBIT, which led with an influx of $250.7 million. Fidelity’s FBTC recorded $188.4 million, while Ark Invest’s ARKB achieved its highest single-day inflow of $136.5 million.

The research team highlighted that the total net inflow into Bitcoin ETFs amounted to 11,388 coins, with GBTC seeing an outflow of 1089 BTC.

As of February 10, 2024, Bitcoin’s price remained steady around $47,350, with a market capitalization of $927.19 billion and daily trading volumes reaching $288.19 billion. Bitcoin’s market dominance surpassed 52.1%. The Fear & Greed Index remained at 74 out of 100, indicating positive sentiments prevailing among market participants.

The Fear & Greed Index serves as a crucial gauge for market sentiment and emotional dynamics, analyzing factors such as price movements, trading volumes, volatility, and social media sentiment. Its role is pivotal in assessing investor and trader attitudes, whether driven by fear or greed, toward Bitcoin’s current market conditions.

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