- Bitcoin ETFs see massive inflows, with Blackrock and Fidelity leading over $530M in deposits on January 30
- Institutional demand surges as ETFs acquire 5,400 BTC, far outpacing the 450 BTC mined the same day
- Bitcoin’s price holds strong at 102,000–102,000–105,000, signaling continued bullish momentum
Bitcoin exchange-traded funds have seen a spike in inflows on January 30. On this date, the collective of BTC ETFs have raised over half a billion dollars in Bitcoin, added to the funds.
Blackrock (IBIT) led the dance with $321.5 million inflows on this date, followed by Fidelity (FBTC) with $ 209 million in deposits. Alone, the two major exchange-traded funds amassed over $530 million in inflows.
Other ETFs like Bitwise (BITB), and Ark (ARKB) have also shown positive inflows, albeit a lot more modest than Blackrock and Fidelity. In total, all Bitcoin ETFs have added $588.1 million in BTC to the funds on January 30.
This performance when compared to the amount of new Bitcoin mined on the same date highlights a growing demand for Bitcoin from institutional investors. While miners added around 450 new Bitcoin to the market, ETFs have collected over 5,400 BTC to these funds.
Scarcity Driven Value For Bitcoin?
If this trend continues it could have a significant impact on the value of each coin. While it doesn’t necessarily mean a more scarce market, as these funds can buy or sell Bitcoin at will — it could create greater scarcity over the months as more institutional investors seek Bitcoin.
Bitcoin itself reacted favorably on December 31st, reaching upwards of $105,000 during its daily pic, according to CoinMarketCap. Overall, was able to maintain its $102,000–$105,000 range throughout the week, showing no signs of holding off that zone.
While analysts estipulate whether the bull run is over or not, the news regarding the crypto market points to buyers maintaining control over the market in the next couple of weeks.
Disclaimer: The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
