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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Bitcoin ETFs Show Steady Demand as BTC Hits New YTD High: Bitfinex – CoinsMegaNews

Bitcoin ETFs Show Steady Demand as BTC Hits New YTD High: Bitfinex

1 year ago CryptoExpert
SEC Approves Bitcoin Spot ETFs For Trade In The United States

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Spot Bitcoin exchange-traded funds (ETFs) have seen steady inflows in the past week, surpassing any other exchange-traded products (ETPs) among the 3,400 trading in the United States.

Analysts at crypto exchange Bitfinex revealed in the new Bitfinex Alpha report that the ETFs recorded net positive inflows exceeding $2.2 billion for the second consecutive week between February 12 and 16. The inflows partially fueled BTC’s recovery after its brief fall post-Consumer Price Index (CPI) data release.

Bitcoin ETFs Show Constant BTC Demand

Most of the inflows were directed toward BlackRock’s IBIT ETF, which gathered $1.6 billion. The fund alone has accrued $5.2 billion year-to-date (YTD), accounting for approximately 50% of the asset manager’s total net inflows across all their ETFs.

Fidelity’s FBTC saw the second-highest numbers, attracting $648.5 million last week. The fund was followed by Ark Invest/21Shares’ ARKB and Bitwise’s BITB, which amassed $405 million and $232.1 million, respectively.

On the other hand, outflows from Grayscale’s GBTC have persisted, with investors withdrawing $624 million in the past week. Bitfinex said the ETF has witnessed capital depletion surpassing $7 billion since the U.S. Securities and Exchange Commission (SEC) approved its conversion from an over-the-counter product to an ETP in January.

BTC Reaches New YTD High

The constant flows into spot Bitcoin ETFs come as BTC set a new YTD high, reaching $52,900 for the first time since December 2021. Analysts said only 114 days in 2021 recorded a daily closing price above the new level, representing 2.29% of BTC’s entire trading history.

Bitcoin’s ascent to almost $53,000 represents a 25% increase since the start of the year. The asset has reached the same level that provided support in November 2021 before an ecosystem collapse led the market into the 2022 bear season.

In the past year, BTC has witnessed a 130% increase and a growth of 207% since its November 2022 lows. The leading digital currency currently trades 25% shy of its all-time high of $69,000.

Meanwhile, the increase in BTC’s value has transitioned a majority of its supply into profit, diminishing the percentage still held at a loss. At writing time, only 11% of the total BTC supply, purchased above $50,000, was held at a loss.

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