In recent financial news, the emergence of Spot Bitcoin Exchange-Traded Funds (ETFs) has significantly impacted the crypto market. These ETFs, designed to track the price of Bitcoin directly, have garnered substantial attention due to their accessibility and convenience for traditional investors.
Notably, there has been a remarkable development where Spot Bitcoin ETFs experienced their largest single-day inflow, coinciding with a notable rally in the price of Bitcoin, soaring towards $60,000. This surge in investor interest and capital influx underscores the growing mainstream acceptance and adoption of cryptocurrencies, particularly BTC, as a legitimate asset class.
Spot Bitcoin ETFs Flooded with Record Inflows
After a slow start to the month of February, inflows into spot BTC ETFs have surged once more! On Tuesday, February 13, total inflows to all nine BTC ETFs reached an astounding $631 million. This was perhaps the greatest single-day influx since the introduction of Bitcoin ETFs last month.
According to statistics from Farside investors, BlackRock’s iShares Bitcoin ETF (IBIT) received a remarkable $493 million inflow on Tuesday. BlackRock has consistently outperformed its competition by a large margin! Fidelity had the second-highest inflows on Tuesday, with $163 million.
On the other hand, GBTC outflows have decreased and remained below $100 million for the past three days this week. So far, the net inflows into BTC ETFs total $3.7 billion. Asset management behemoth BlackRock has received $4.6 billion in net inflows, while GBTC has seen $6.5 billion in net outflows.
On Monday, February 12, spot BTC ETFs acquired roughly ten times more Bitcoin than miners produced. Initial data shows that spot BTC ETFs got at least $493.4 million, which is equivalent to approximately 10,280 BTC.
Meanwhile, BTC miners generated around 1,059 BTC worth approximately $51 million on the same day, accounting for only 10% of the total amount accumulated by spot ETFs.
Bitcoin lifts U.S.-listed crypto firms
Before the bell on Wednesday, shares of U.S.-listed crypto companies rose by 7% to 13%, boosted by BTC surpassing the $1 trillion market value for the first time in more than two years amid rising investor mood.
BTC prices have gradually increased since the US Securities and Exchange Commission approved the first spot BTC exchange-traded funds (ETFs) last month.
The introduction of ETFs has been hailed as a game changer for the industry, which is already known for its attraction to retail traders, because investors may now gain exposure to BTC without physically owning the commodity.
The shares of crypto exchange Coinbase increased by almost 7%, while miners Riot Platforms and Bitfarms rose by about 8% and 11%, respectively. BTC’s market value has surpassed $1 trillion for the first time since November 2021, according to statistics portal CoinMarketCap.com.
It was last valued at $1.08 trillion, more than twice the market value of JPMorgan Chase, the largest bank in the United States, and was on track to overtake Meta Platforms at $1.17 trillion.
At the time of writing, Bitcoin (BTC) is worth $51,922.77, up 0.0% from an hour ago and 6.2% from yesterday. The value of BTC today is 20.8% higher than it was seven days ago. In the last 24 hours, the total volume of BTC transactions was $42,135,120,319.
The global crypto market cap is now $2.01 trillion, up 4.59% in the last 24 hours and 87.01% in the last year. As of today, the BTC market cap is $1.02 trillion, signifying a 50.47% dominance. Meanwhile, stablecoins’ market cap is $138 billion, accounting for 6.87% of the overall crypto market cap.
