In a groundbreaking development for the cryptocurrency world, spot Bitcoin ETFs have shattered records with an unprecedented influx of over $323 million on February 16, propelling total net inflows beyond the monumental $5 billion milestone. This surge in investor interest comes amidst a backdrop of heightened bullish sentiment surrounding Bitcoin, as market participants eagerly await the potential for further price appreciation and market growth.

The week concluded with spot Bitcoin ETFs experiencing a significant surge in inflows, albeit slightly lower than the remarkable $477 million recorded on the previous day. Typically, Bitcoin ETFs witness heightened activity on the last trading days of the week; however, a potential supply shortage arising from soaring demand and dwindling Bitcoin sellers has led to a slight slowdown in inflows.

According to the latest data provided by BitMEX Research, spot Bitcoin ETFs recorded a staggering net inflow of $323.90 million on Friday alone. This latest influx brings the total net inflows for Bitcoin ETFs to nearly $5 billion since their inception, indicating a substantial movement of over 100,000 BTC into spot Bitcoin ETFs.

ADVERTISEMENT BlackRock’s iShares Bitcoin ETF (IBIT) emerged as a frontrunner in the ETF race, boasting another monumental inflow of $191.4 million on Friday. The total inflow for IBIT now exceeds a staggering $5.36 billion, with BTC holdings surpassing 119.6K and valued at over $6.2 billion.

Following closely behind, Ark 21Shares Bitcoin ETF (ARKB) recorded the second-highest inflow of $140 million, followed by Fidelity Bitcoin ETF (FBTC) with $116.7 million and Bitwise Bitcoin ETF (BITB) with $20.9 million.

On the flip side, Grayscale Investments’ GBTC witnessed a slight slowdown in outflows, totaling $150.4 million, down from Thursday’s outflow of $174.6 million. Consequently, the net inflow for spot Bitcoin ETFs, excluding GBTC, stood at an impressive $474.3 million, while GBTC’s net outflow surpassed $7 billion.

Meanwhile, Bitcoin’s price has remained relatively steady, hovering near the $52,000 level, with the current trading price at $51,944. Despite volatility following the US Producer Price Index (PPI) release on Friday, Bitcoin’s price movement has remained range-bound, with the 24-hour low and high at $51,641 and $52,537, respectively.

Furthermore, trading volume has experienced a notable decline of 28% in the last 24 hours, signaling a decrease in trader interest as Bitcoin’s price consolidates. Analysts anticipate continued sideways or downward movements in the coming days, as market participants closely monitor key support and resistance levels. Despite the influx of institutional capital into Bitcoin ETFs, the price of BTC has remained relatively steady, hovering around the $52,000 mark. However, trading volume has decreased by 28% over the past 24 hours, indicating a waning interest among traders as the price consolidates in a narrow range. Analysts anticipate continued sideways or downward movements in the short term, citing market uncertainty and volatility.

The significant influx of funds into Bitcoin ETFs is poised to have a profound impact on cryptocurrency market dynamics. On-chain data providers, including CryptoQuant, suggest that sustained buying pressure from these ETFs could propel Bitcoin’s price to new heights, further bolstering bullish sentiment and investor confidence in the digital asset. On-chain data providers, including CryptoQuant, suggest that sustained buying pressure from these ETFs could potentially propel Bitcoin’s price to new heights, ushering in a new era of institutional adoption and market maturation. As investors and analysts closely monitor these developments, the stage is set for further evolution and expansion of the cryptocurrency ecosystem.