Bitcoin Surges Past $46,000 with Significant ETF Inflows

By: Eva Baxter

Major Bitcoin Surge and ETF Inflows

Data from various market metrics indicates that Bitcoin (BTC) displayed a significant upswing on Feb 8, surpassing the $46,000 mark, reaching a peak at over $46,300. This can also be attributed to Bitcoin ETFs observing a significant inflow of $403 million in net inflows, marking their highest since Jan 17. Notably, BlackRock's IBIT led with an impressive inflow of $204 million, raising its total net inflow to $3.5 billion, followed by Fidelity's FBTC and Bitwise's BITB ETF with an inflow of $128 million and $60 million respectively.

Crypto Market Beholden to a Bullish Outlook

Accelerated by the bullish sentiment returning to the market, Bitcoin managed to maintain a 6% increase over the week. Despite some noteworthy downward corrections faced by the cryptocurrency, including the recent plunge experienced following the launch of a series of new ETFs, Bitcoin continues to show resilience and upward momentum. Given the upward trend, the barrier of $46,000 brings investors of the BTC ETF close to profitability, insinuating the potential of a reversal down to the levels of $42,000 to $40,000.

A Boost to the Bullish Momentum

Backed by prominent traders and bullish predictions, Bitcoin is on track towards $48,000 in the near future. Triggered by consistent gains during the Chinese New Year festival, BTC is expected to witness even further growth, mirroring historical patterns of increase surrounding the Chinese New Year celebrations. If the bull run is consistent, Bitcoin might challenge a new yearly high through $50,000.