Bitcoin’s on Fire: ETFs Driving Demand and Price

Spot Bitcoin ETFs Surge

Bitcoin ETFs, which track the crypto’s price, have seen record inflows. Over $2.2 billion poured in during February 12th-16th, the highest weekly inflow ever.

BlackRock’s IBIT Leads the Way

BlackRock’s iShares Bitcoin ETF (IBIT) has been the top performer, attracting $1.6 billion last week. It now has over $5.2 billion in inflows year-to-date.

Grayscale’s GBTC Sees Outflows

Grayscale’s Bitcoin Investment Trust (GBTC) has experienced outflows of $624 million last week. This trend has persisted since the SEC approved GBTC’s conversion to an ETP.

Profitable BTC Supply Grows

As Bitcoin’s price rises, the percentage of its supply held at a profit has increased. Only 11% of BTC is now held at a loss, indicating a more bullish market sentiment.

Trading Volume Reflects Interest

Spot Bitcoin ETFs have seen a surge in trading volume, reaching $2 billion last week. This is the highest total since the first day of trading, highlighting the growing interest in these products.