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Spot Bitcoin ETF Inflows Push Price Above $50k

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Spot exchange-traded funds (ETFs) accumulated as much as 10 times the Bitcoin produced by miners in a single day, fueling the recent spike in Bitcoin price to over $50,000.

Billions Flow Into Spot ETFs

As of February 12, spot Bitcoin ETFs accumulated roughly $493.4 million or 10,280 BTC according to analysts. BlackRock’s IBIT led with $374.7 million inflows followed by Fidelity’s FBTC with $151.9 million and Ark 21Shares’ ARKB with $40 million. There were minor outflows from Grayscale ($95 million) and Invesper’s BTCO ($20.8 million), resulting in a net influx of nearly half a billion dollars.

On that day, miners produced only around 1,059 BTC ($51 million) highlighting the impact of ETF inflows. On February 9, spot ETFs absorbed approximately 12,700 BTC ($541.5 million) while miners produced 980 BTC ($45 million).

BlackRock and Fidelity Dominate

Fidelity experienced an inflow of $188.4 million last week while Ark 21Shares saw $136.5 million. Grayscale’s outflows diminished to $51.8 million, the lowest of the week.

Increased Demand Jolts Bitcoin Price

On CNBC, Anthony Pompliano highlighted that demand for Bitcoin on Wall Street is 12.5 times its daily production. Approximately 80% of Bitcoin’s total supply has not moved in six months and only around $200 billion is actively tradable. Spot ETFs absorbed 5% of tradable Bitcoin in 30 days.

Trading volume of spot Bitcoin ETFs surpassed $1 billion with BlackRock leading. BlackRock’s IBIT and Fidelity’s FBTC are among the top 10 funds with highest inflows in January. GBTC experienced the second highest outflows among ETFs with $5.7 billion leaving the fund.

Bitcoin’s price is currently at around $50,000, marking a 4% increase over the previous day.

The post Spot Bitcoin ETF Inflows Push Price Above $50k appeared first on Althalla.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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