According to data from Lookonchain, since the Bitcoin Spot ETF began trading, Bitcoin has become a highly watched product in the market. As of yesterday, Bitcoin spot ETFs had attracted an inflow of 71,584 Bitcoins. At around 17:00 this afternoon, the spot price of Bitcoin once again exceeded $51,000.
Bitcoin spot ETF inflows continue to increase
Especially yesterday, Bitcoin ETFs in the United States increased by 10,926 Bitcoins, which was the fifth consecutive day of capital inflows. In addition to GBTC, the other eight ETFs have accumulated a total of 12,073 BTC, worth approximately US$590 million. However, GBTC lost 1,147 BTC, worth approximately $56 million. Since January 22, the scale of capital outflows has decreased significantly.
iShares (BlackRock Bitcoin ETF) and Fidelity added 7,497 BTC (approximately $366.5 million) and 3,039 BTC (approximately $148.5 million), making them the leading Bitcoin ETFs China's assets under management reached new highs.
ETF ignites Bitcoin FOMO sentiment
The successful launch of the Bitcoin ETF and the recent increasing capital inflows have caused Wall Street giant Alliance Bernstein to have optimistic expectations for the future price of Bitcoin. According to COINTURK reports, Alliance Bernstein analysts Gautam Chhugani and Mahika Sapra believe that the launch of Bitcoin ETFs and the resulting FOMO (fear of missing out) sentiment will drive Bitcoin prices to new highs. They believe that Bitcoin ETFs will provide more institutional investors with the opportunity to participate in the Bitcoin market, further driving the demand and price of Bitcoin. In addition, the launch of Bitcoin ETF is also expected to increase Bitcoin's liquidity and market stability, further attracting investor attention and capital inflows. Overall, Alliance Bernstein is optimistic about Bitcoin’s prospects and expects Bitcoin to continue rising to new highs.
Chhugani and Sapra note that although interest in Bitcoin has not yet reached the feverish highs observed in 2017 and 2021, Bitcoin ETFs have become an important catalyst in driving Bitcoin prices higher. This is because investors who are on the fence can invest in Bitcoin through this product. Notably, the new ETF has attracted nearly $1 billion in inflows over the past two trading days, while at the same time GBTC has also seen a significant decrease in outflows, down to approximately $50 million.
They also said that as Bitcoin approaches $50,000, buyers are close to reaching a break-even point, a milestone they have reached in the past three years and is seen as a bullish signal for the market going forward.
Bitcoin open interest is approaching the 2021 bull market high
In addition to the Bitcoin price once again reaching the 2021 bull market level, the "open interest volume" of Bitcoin futures is also approaching 11 of the year Bitcoin prices surged to a record high of $65,000 in mid-month. Data from CoinGlass shows that the notional value of open interest in the Bitcoin futures market has reached its highest level in 26 months.
Open interest in perpetual and futures contracts has increased by 22% this year, exceeding $21 billion at the time of writing, approaching the $24 billion hit by Bitcoin in 2021 when the price was at a high of $65,000. Record.
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