In the latest news related to Bitcoin ETFs, the collective inflows at nine spot Bitcoin ETFs soared to an impressive $631 million on Tuesday, February 13. This surge in inflows is considered to be the largest single-day inflow since the launch of Bitcoin ETFs last month. The data from Farside investors revealed that BlackRock’s iShares Bitcoin ETF (IBIT) alone registered a staggering inflow of $493 million on the same day, surpassing all its competitors by a wide margin. Fidelity recorded the second-best inflows at $163 million.
Interestingly, the outflows from the GBTC have also slowed down, remaining under $100 million over the past three days this week. The overall net inflows into Bitcoin ETFs now stand at an impressive $3.7 billion. In comparison, asset management giant BlackRock has witnessed $4.6 billion in net inflows, while GBTC has seen $6.5 billion in net outflows.
The dynamic between the inflows in spot Bitcoin ETFs and the amount of Bitcoin generated by miners is also intriguing. On Monday, February 12, spot Bitcoin ETFs acquired approximately 10 times more Bitcoin than what miners produced. The inflows into spot Bitcoin ETFs were equivalent to about 10,280 BTC, while Bitcoin miners produced only 1,059 BTC valued at roughly $51 million on the same day, representing just 10% of the amount accumulated by spot ETFs.
In addition to this, Bitcoin call options set to expire at the end of February are focusing on strike prices surpassing the $50,000 level, indicating a bullish sentiment in the market. Deribit data reveals a significant accumulation of open Bitcoin call options at strike prices of $60,000, $65,000, and $75,000 as the end-of-month expiry on February 23 approaches.
As the market attempts to surpass the crucial $50,000 psychological threshold, numerous bullish traders with long-term perspectives are acquiring inexpensive call options set at strike prices significantly above the current Bitcoin levels. The clustering of Bitcoin call options at the $60,000 strike price and beyond indicates a notable portion of market participants harboring a distinct interest or anticipation of Bitcoin’s price surpassing this level before the upcoming end-of-month expiration date.
In my opinion, this surge in inflows into Bitcoin ETFs coupled with the bullish sentiment reflected in the Bitcoin call options data indicates growing investor confidence in the long-term potential of Bitcoin. The significant interest in call options with strike prices at $60,000 and above suggests that market participants are optimistic about the future prospects of Bitcoin, with many anticipating a potential rally beyond the $60,000 mark in the near future. This bullish sentiment is indicative of the growing acceptance and adoption of Bitcoin as a viable investment option in the traditional financial space. As more institutional and retail investors continue to embrace Bitcoin, it is likely to have a positive impact on its price and overall market dynamics, leading to further growth and development in the cryptocurrency space.