Tuesday saw BlackRock’s iShares Bitcoin ETF (IBIT) attracting an impressive $493 million in inflows. Notably, demand from Bitcoin ETFs has outpaced Bitcoin miner production by a factor of 10. Meanwhile, the Bitcoin options market remains bullish, particularly targeting the $60,000 strike price.
After a slow beginning to February, the inflows into spot Bitcoin ETFs have surged once more! On Tuesday, February 13, the combined inflows across all nine spot Bitcoin ETFs reached an impressive $631 million. This is likely the largest single-day inflow since Bitcoin ETFs were introduced last month.
BlackRock’s iShares Bitcoin ETF Dominates Inflows
According to data from Farside investors, BlackRock’s iShares Bitcoin ETF (IBIT) saw a remarkable inflow of $493 million on Tuesday, surpassing its competitors by a significant margin. Fidelity recorded the second-highest inflows at $163 million.
Meanwhile, outflows from the Grayscale Bitcoin Trust (GBTC) have slowed down, remaining under $100 million over the past three days of this week. Net inflows into Bitcoin ETFs now total $3.7 billion, with BlackRock witnessing $4.6 billion in net inflows while GBTC has seen $6.5 billion in net outflows.
On Monday, spot Bitcoin ETFs acquired approximately ten times more Bitcoin than what miners generated. Initial data suggests 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 Call Options Signal Bullish Sentiment
Bitcoin call options set to expire at the end of February are predominantly targeting strike prices above the $50,000 level, despite the cryptocurrency dipping below this mark on Tuesday following the release of fresh U.S. inflation data.
Accumulation of Open Bitcoin Call Options: Data from Deribit 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.
Bullish Traders Eye Higher Strike Prices: Jag Kooner, Head of Derivatives at Bitfinex, highlighted that as the market aims to surpass the crucial $50,000 psychological threshold, many bullish traders with long-term perspectives are acquiring inexpensive call options set at strike prices significantly above the current Bitcoin levels.
Interest in Higher Strike Prices: The clustering of Bitcoin call options at the $60,000 strike price and beyond indicates a significant portion of market participants anticipating Bitcoin’s price surpassing this level before the end-of-month expiration date.
Long Bias in the Market: Kooner emphasized that the market remains heavily biased towards long positions, with an overall open interest spread favoring calls at a 0.47 put-call ratio. The overall market put-call ratio in the past 24 hours stands at 0.60, suggesting a continuation of the current trend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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