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Highlights
- BlackRock's iShares Bitcoin ETF (IBIT) alone amasses $493 million of inflows on Tuesday.
- Demand from Bitcoin ETFs surpass the Bitcoin miner production by 10x.
- Bitcoin Options market remains biased towards longs calling for $60,000 strike price.
After a dull start to the month of February, the inflows in spot Bitcoin ETFs have skyrocketed once again! On Tuesday, February 13, the collective inflows at all of the nine spot Bitcoin ETFs shot up to a staggering $631 million. This was probably the largest single-day inflow since the launch of Bitcoin ETFs last month.
Bitcoin ETFs See Record Inflows
As per data from Farside investors, BlackRock’s iShares Bitcoin ETF (IBIT) alone registered a staggering inflow of $493 million on Tuesday. BlackRock has been leading all its competitors by a wide margin! Fidelity recorded the second-best inflows on Tuesday at $163 million.
On the other hand, the GBTC outflows have also slowed down and have remained under $100 million over the past three days this week. So far, the net inflows into Bitcoin ETFs stand at $3.7 billion. Asset management giant BlackRock has witnessed $4.6 billion in net inflows while GBTC has seen $6.5 billion in net outflows.
On Monday, February 12, spot Bitcoin ETFs acquired approximately 10 times more Bitcoin than what miners generated. Initial data indicates that spot Bitcoin ETFs received at least $493.4 million, equivalent to about 10,280 BTC. Meanwhile, Bitcoin miners produced around 1,059 BTC valued at roughly $51 million on the same day, representing only 10% of the amount accumulated by spot ETFs.
Bitcoin Options Data Hint Rally to $60,000
Bitcoin call options set to expire at the end of February are focusing on strike prices surpassing the $50,000 level. This is despite the cryptocurrency dipping below this mark on Tuesday following the release of fresh U.S. inflation data.
Deribit data reveals a significant accumulation of open Bitcoin call options at strike prices of $60,000, $65,000, and $75,000 as the end-of-month expiry on February 23 approaches.
Jag Kooner, Head of Derivatives at Bitfinex, noted that as the market attempts to surpass the crucial $50,000 psychological threshold, numerous bullish traders with long-term perspectives are acquiring inexpensive call options set at strike prices significantly above the current Bitcoin levels.
The clustering of Bitcoin call options at the $60,000 strike price and beyond indicates a notable portion of market participants harboring a distinct interest or anticipation of Bitcoin’s price surpassing this level before the upcoming end-of-month expiration date.
He further added that the market remains heavily biased towards the longs. “The current overall open interest spread is biased towards calls at a 0.47 put-call ratio. The overall market put-call ratio in the past 24 hours is 0.60. A ratio of 0.59 based on options expiring on February 23 extend the current trend,” he said.
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