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According to data provided by BitMEX Research, Bitcoin has surpassed the $46,000 level and continues its movement towards $47,000. While all this is happening, the US Spot Bitcoin ETF experienced a significant inflow of $405 million on February 8. This movement in the Bitcoin ETF marked the highest single-day fund entry of the week, coinciding with the rally in Bitcoin’s price. This situation is triggering a lot of buzz among both investors and cryptocurrency enthusiasts.
Current Status of the Bitcoin ETF
According to a recent report by BitMEX Research, despite facing challenging times in the initial days, the US Spot Bitcoin ETF continued to see noteworthy inflows. Meanwhile, it was revealed that since the launch of the Bitcoin ETF on January 11, there has been a total entry of $2.11 billion.
In particular, on February 8 alone, the ETF side experienced an entry worth approximately $405 million, equivalent to about 8,935 BTC. Leading the charge in these entries were investment giants BlackRock (IBIT) and Fidelity (FBTC).
Since its launch, BlackRock’s spot Bitcoin ETF has witnessed approximately $3.5 billion in inflows, while Fidelity’s ETF saw $2.81 billion. On February 8, BlackRock was the destination for an inflow of $204.1 million, while Fidelity experienced an inflow of $128.3 million.
Additionally, the same report also mentioned GBTC. It discussed developments indicating that Grayscale’s Bitcoin Trust (GBTC) had outflows of $6.33 billion since January 11 and $101.6 million on February 8.
Bitcoin (BTC) Price Rally
In addition to reports of significant amounts of money entering Bitcoin ETFs, the price of Bitcoin also observed an increase of over 4% in the last 24 hours, occurring during a period of rising optimism in the market. While all this is happening, the price of Bitcoin has also surpassed the $47,000 level.
CoinGlass data shows that in the last 24 hours, the Open Interest (OI) in Bitcoin Futures increased by 5.51%, reaching 444,810 BTC or $20.74 billion, contributing to the bullish sentiment.
Leading the OI increase, the CME exchange saw a 9.79% rise, reaching 11,723 BTC or, in other words, $5.46 billion. While all this is happening, the price of Bitcoin has risen by 4.36% to $47,300 at the time of writing. The trading volume has also seen a significant increase of 32%, surpassing the $33.5 billion mark.
