Spot Bitcoin ETFs Set Daily Inflow Record on February 13!

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• According to Farside Investors’ data, BlackRock’s iShares Bitcoin ETF (IBIT) recorded an incredible $493 million inflow on Tuesday alone.
• Meanwhile, GBTC outflows slowed down, staying below $100 million over the last three days of the week. Net inflows into Bitcoin ETFs stand at $3.7 billion so far.
• Bitcoin call options expiring at the end of February are focusing on strike prices exceeding $50,000.

After a lackluster start in February, demand for spot Bitcoin ETFs experienced a massive surge on Tuesday, February 13.

Increasing Demand for Spot Bitcoin ETFs

Following a subdued start to February, inflows into spot Bitcoin ETFs surged once again! On Tuesday, February 13, total inflows across all nine spot Bitcoin ETFs amounted to an astonishing $631 million. This is likely the largest single-day inflow into Bitcoin ETFs since their launch last month.

According to Farside Investors’ data, BlackRock’s iShares Bitcoin ETF (IBIT) recorded an incredible $493 million inflow on Tuesday alone. BlackRock is significantly leading over all competitors, with Fidelity recording the second-best inflows of $163 million on Tuesday.

Meanwhile, GBTC outflows slowed down, staying below $100 million over the last three days of the week. Net inflows into Bitcoin ETFs stand at $3.7 billion so far. Asset management giant BlackRock saw $4.6 billion in net inflows, while GBTC experienced a net outflow of $6.5 billion.

On February 12, Monday, spot Bitcoin ETFs acquired approximately 10 times more Bitcoin than miners produced. According to initial data, spot Bitcoin ETFs received at least $493.4 million, equivalent to around 10,280 BTC. In comparison, Bitcoin miners produced only 1,059 BTC on the same day, which is approximately $51 million.

Bitcoin Option Data Indicates a $60,000 Rally

Bitcoin call options expiring at the end of February are focusing on strike prices exceeding $50,000. This is despite the cryptocurrency falling below this level on Tuesday following the release of fresh U.S. inflation data. Deribit data shows significant accumulation in open Bitcoin call options with strike prices of $60,000, $65,000, and $75,000 expiring on February 23.

Jag Kooner, the Derivatives President at Bitfinex, mentioned that many bullish traders with a long-term perspective are acquiring cheap call options with strike prices significantly above current Bitcoin levels as the market attempts to surpass the critical psychological threshold of $50,000.

The accumulation of Bitcoin call options with a $60,000 strike price and beyond indicates a notable interest or expectation among market participants for Bitcoin’s price to surpass this level before the end of next month’s expiration date.

Moreover, he added that the market is still largely leaning towards long positions. “The current overall open position distribution is leaning towards a 0.47 put-call ratio. The overall market put-call ratio in the last 24 hours is 0.60. The 0.59 ratio based on options expiring on February 23 is maintaining the current trend,” he said.