Bitcoin ETFs continued to face demand in the hundreds of millions a day after recording a historic high for daily net inflows.
According to SoSoValue, Bitcoin ETFs recorded their 14th straight day of net inflows of around $339 million on February 14, just $300 million less than the previous day. BlackRock had the largest inflows, taking in $224 million, while Fidelity posted $118 million in net inflows.
BlackRock and Fidelity are by far the largest issuers of new Bitcoin (BTC) ETFs, with $4.8 billion and $3.5 billion in cumulative inflows since trading was licensed by the US Securities and Exchange Commission. The two giants have nearly $10 billion in assets under management, representing more than 200,000 bitcoins acquired by nine bitcoin ETF issuers.
Experts like cryptocurrency attorney John E. Deaton attributes the rise in Bitcoin prices to demand for Bitcoin ETFs and massive acquisitions of Bitcoin by issuers.
While BlackRock and Fidelity outperformed competitors, Grayscale's GBTC ETF saw another net day of outflows of $131 million. GBTC has lost more than $5 billion since it began trading as an ETF on January 11. The fund remains the largest, with more than $23 billion in assets under management.
Following US Bankruptcy Court rulings, Grayscale may unload another $1.6 billion from its GBTC ETF. Judge Sean Lin has approved bankrupt cryptocurrency bank Genesis to sell 35 million shares of Grayscale stock.
Interest on Bitcoin ETF boosts cryptocurrency market value
Institutional demand for Bitcoin ETFs appears to have sparked widespread interest in cryptocurrencies. The rise in the price of Bitcoin coincided with an upward trend in the total market capitalization of cryptocurrencies.
The cryptocurrency market was worth more than $2 trillion as of February 15, per CoinGecko, with BTC accounting for more than half of that number since it regained a trillion-dollar valuation. TradingView data confirmed that BTC is the dominant cryptocurrency asset, with a market share of 53%.
