BTC Rallies 26% in 16 Days Amid Significant Spot Bitcoin ETF Inflows

Data from SoSoValue shows that the total net inflow of spot Bitcoin ETF on February 16 was $331 million. Further analysis of information from the analysis hub reveals that investors have achieved the inflow for 16 consecutive trading days.

According to SoSoValue, the total net inflow of Bitcoin spot ETF on February 16 was $331 million, which has been achieved for 16 consecutive trading days. The single-day net inflow of BlackRock ETF IBIT was $191 million. The current total historical net inflow of IBIT has reached…

— Wu Blockchain (@WuBlockchain) February 17, 2024

It is essential to note that BlackRock’s IBIT stands out among the listed spot Bitcoin ETFs on SoSoValue. The platform’s data reveals that IBIT’s single-day net inflow for February 16 was $191 million. SoSoValue further reveals that IBIT’s historical net inflow has reached $5.36 billion.

Notably, nine of the ten spot Bitcoin ETFs listed on SoSoValue reflected positive returns, marking a significant inflow of funds into ETFs. IBIT ranked top among the ETFs with positive inflows, followed by FBTC, with a February 16 inflow of $116 million and a net historical inflow of $3.77 billion.

Logically, the positive inflows into the spot Bitcoin ETFs reflect a growing adoption of the newly approved products. Additionally, it has affected the overall adoption of the flagship cryptocurrency, evidenced by the coincidental increase in the BTC’s price in the last 16 days.

BTC bounced off a $41,859 low on February 1 to embark on a sustained rally that has seen the pioneer crypto achieve new yearly milestones. TradingView data show Bitcoin surged 26%, breaking above significant resistance, including the $50,000 psychological level.

Notably, the timing of the rally by Bitcoin coincides with the historical inflow reported by SoSoValue. Hence, it attaches some significance to the reported performance of the newly launched ETFs on Bitcoin’s price.

Bitcoin traded for $51,663 at the time of writing, according to data from TradingView, with users projecting further increases as the ETF adoption grows amid other relevant factors.

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