Bitcoin Price Climbs Above $46,000 with Support from Latest ETF Inflows
Bitcoin (BTC) rose above $46,000 on Friday, hitting its highest level in a month.
The cryptocurrency’s recent surge is driven by steady inflows into various spot-based US funds and anticipation surrounding April’s halving event. It last traded around $46,246, and is up 7.3% in the last week.
New spot Bitcoin ETFs have attracted significant interest with a streak of 10 consecutive days of net inflows, reaching $8b as of this week, indicating strong investor demand.
This trend is further underscored by the notable performance of two major funds. In January, BlackRock and Fidelity’s ETFs were among the top 10 with the highest inflows.
Also $IBIT now in Top 5 in YTD flows, which means it's taken in more cash than 99.98% of ETFs. Not bad for 17 days old. pic.twitter.com/ehAsZWRoqK
— Eric Balchunas (@EricBalchunas) February 6, 2024
According to a recent Morningstar report, BlackRock’s iShares Bitcoin Trust (IBIT) ranked eighth with about $2.6b in net flows. Fidelity Wise Origin Bitcoin ETF (FBTC) took the 10th spot with $2.2b in net flows.
What’s ahead? The upcoming days hold statistical significance as the biggest cryptocurrency typically sees an 11% rally around Chinese New Year, starting Feb. 10, noted Markus Thielen, head of research at 10X Research.
“During the last nine years, Bitcoin has been up every time traders would have bought Bitcoin three days before and sold it ten days after the start of the Chinese New Year,” he said. “This is a hit ratio of 100%.”
“The ETF flows have certainly had an impact, and the US still holds the largest pools of capital, and we are seeing inflows from US institutions,” he added.
Rachel Lin, CEO and co-founder of Singapore-based derivatives DEX SynFutures, pointed out that BTC has not had a
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