Bitcoin Price Recovering, but Grayscale’s Bitcoin ETF Sees Increased Outflows!

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• On February 8th, Thursday, after recording outflows below $100 million for two consecutive days, this figure crossed the threshold again.
• On Thursday, total inflows into spot Bitcoin ETFs were at the highest level seen in February, reaching $403 million.
• Despite outflows from GBTC, the overall outlook remained optimistic as total net inflows surged to a robust level of $2.1 billion.

Bitcoin price has initiated an upward movement, but Grayscale’s GBTC faces further outflows!

Grayscale’s GBTC Continues to See Outflows

On February 8th, Thursday, after recording outflows below $100 million for two consecutive days, this figure crossed the threshold again. Yesterday, total outflows from GBTC were at the $102 million level, and the funds were flowing back into Bitcoin ETFs from major players BlackRock and Fidelity.

While outflows from GBTC increased again, inflows into spot Bitcoin ETFs also surged. On Thursday, total inflows into spot Bitcoin ETFs reached the highest level seen in February, amounting to $403 million. According to data from Farside Investors, BlackRock (IBIT) led the show, accounting for over $204 million in total inflows.

Fidelity (FBTC) came in second with nearly $128 million in total inflows. This indicates that these two players have largely dominated total inflows into spot Bitcoin ETFs since their launches.

Despite outflows from GBTC, the overall outlook remained optimistic as total net inflows surged to a robust $2.1 billion, emphasizing investor confidence in Bitcoin ETF products.

Bitcoin ETF Inflows Boost BTC Price

Bitcoin surpassed $46,000, reaching its highest level in a month with continuous signs of inflows into Bitcoin ETFs. There is also an increasing focus on the upcoming “halving” event planned for April.

Caroline Mauron, the co-founder of digital asset derivatives liquidity provider Orbit Markets, believes that Bitcoin is ready to continue its upward trend after the slowdown in outflows from Grayscale. Mauron anticipates that the narrative of the “halving” will gain momentum, and Bitcoin could surpass $50,000 in the coming weeks.

Recent data shows that BTC futures premium reached its highest level in three weeks on February 8th, exceeding the 10% threshold for bull markets. This measurement also supports Bitcoin maintaining the $45,000 support level, indicating moderate optimism without overly bullish sentiment.

Following Bitcoin’s move above $45,000 on February 8th, the trend for BTC options, with a 25% bias, entered the bullish zone for the first time in two months, reaching a level of -7%. This level, indicating moderately optimistic sentiment, is noteworthy despite concerns about worsening macroeconomic conditions that could negatively impact Bitcoin’s price.