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Bitcoin's new records in investment inflows

21 Feb, 2024 3 min read
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Investment interest in Bitcoin is reaching new heights. The net inflow of investments into ETFs last week was a record-high $2.45 billion and $5.2 billion in total since the beginning of the year.

Image source: coinshares.com

Freshly launched spot ETFs performed well, with BlackRock leading the way with $6.2 billion under management, followed by a product from Fidelity with $4.5 billion. Combined, the two funds beat Grayscale's $7 billion outflow (GBTC).

Image source: coinshares.com

It's worth remembering that the outflow from GBTC is not related to the investment appeal of the cryptocurrency but is caused by a significant discount on the shares against the underlying asset in 2023 and increased fund management fees if compared to competitors. The reduction in GBTC's 'blood-letting' is a positive factor.

Image source: twitter.com/NateGeraci

The growth of open interest (the total volume of all open positions) in futures on the Chicago Mercantile Exchange (CME) to $6.8 billion was another record for Bitcoin. Like the growth of inflows into ETFs, this indicates increased interest in the cryptocurrency among institutional investors.

Image source: coinglass.com

According to CryptoQuant, over 70% of all Bitcoin investments in recent weeks have been generated by US ETFs. As a result, the share of US capital by market depth has increased from an average of 40% in 2023 to 50%. And the indicator increased from $454 million to $539 million in 2024.

For reference, market depth is the total volume of open orders from the current price in both directions (in this case, by 2%). The greater the indicator is, the more resistant the asset is to market manipulations and the more restrained volatility is.

Image source: kaiko.com

This surge of interest has led to Bitcoin's 22% growth in 2024. In addition, most forecasts predict a new all-time high and reaching the six-figure level as early as this year.

Image source: StormGain Cryptocurrency Exchange

On 19 February, former US intelligence official Edward Snowden called Bitcoin the most significant achievement in the history of money.


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