Spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in demand last week, seeing over $2.4 billion of inflows, a figure that represents a new record that overshadowed the $623 million outflows from Grayscale’s Bitcoin Trust (GBTC).
GBTC was already Bitcoin’s largest fund before the launch of spot Bitcoin ETFs and has been seeing outflows ever since it transitioned to an ETF. Notably, BlackRock’s IBIT and Fidelity’s FBTC were the standout performers, attracting $1.6 billion and $648 million, respectively, in just one week.
This surge in interest coincided with Bitcoin reaching $52,000, a price not seen since December 2021, fueling speculation about potential new peaks later in the year with Bitcoin options traders eyeing record highs, as open interest for call options expiring on March 29 grows, with strike prices of $60,000, $65,000, and even $75,000.
Spot Bitcoin ETFs currently have around $36.4 billion in total assets under management, with GBTC accounting most of those funds.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/feb/20/
