Spot Bitcoin ETFs Draw $144.9M as Investor Confidence Recovers
U.S. spot Bitcoin ETFs logged $144.9 million in net inflows on Feb. 9, marking a second consecutive day of positive capital flows and signalling renewed investor demand for regulated bitcoin exposure since the SEC approved spot ETFs in January 2024. Fund-level data from Farside Investors shows Grayscale’s Bitcoin Mini Trust led inflows with $130.5 million, while ARK/21Shares’ ARKB and VanEck’s HODL added $14.1 million and $12 million respectively. Smaller positive flows were recorded for Franklin’s EZBC and Fidelity’s FBTC; BlackRock’s iShares Bitcoin Trust (IBIT) saw a $20.9 million outflow. Earlier (Feb. 6) reports showed a separate intraday inflow of about $330 million led by BlackRock’s IBIT, tied to a brief rally in Bitcoin above $70,000 and a positive Coinbase premium, though weekly flows that week remained negative. Traders should watch ETF flows (particularly concentrated moves such as Grayscale’s Mini BTC), issuer-level differences, the Coinbase premium, and price reaction around key levels like $70k. Sustained ETF buying can tighten exchange BTC supply and add near-term buying pressure and intraday liquidity, but short streaks of inflows are not definitive trend reversals.
Bullish
Net inflows into spot Bitcoin ETFs increase demand for regulated BTC exposure and typically require issuers to buy underlying bitcoin, which can reduce exchange supply and exert upward pressure on price. The concentrated $130.5M inflow into Grayscale’s Mini BTC is a notable near-term source of buying pressure; additional smaller inflows across ARKB, HODL, EZBC and FBTC broaden demand. Earlier intraday flows led by IBIT and a brief rally above $70k, plus a positive Coinbase premium, reinforce that ETF activity can amplify intraday liquidity and volatility. However, short streaks (two days) of inflows and isolated intraday rallies do not guarantee a sustained trend—weekly flows have previously been negative, and issuer-level outflows (e.g., IBIT’s $20.9M on Feb. 9) show flows can rotate between products. For traders, the net effect is modestly bullish for BTC price in the short term due to potential supply tightening and immediate buying pressure, while medium-to-long-term direction depends on whether inflows persist and broaden.