Bitcoin Exchange-Traded Funds See a Spike in Inflows on January 30

Bitcoin exchange-traded funds have seen a spike in inflows on January 30. On this date, the collective of BTC ETFs have raised over half a billion dollars in Bitcoin, added to the funds.

Bitcoin exchange-traded funds (ETFs) saw a massive surge in inflows on January 30, with the collective of BTC ETFs adding over half a billion dollars in Bitcoin to the funds.

Blackrock (IBIT) led the way with $321.5 million in inflows on the day, followed by Fidelity (FBTC) with $209 million in deposits. Together, the two major exchange-traded funds accounted for over $530 million in inflows.

Other ETFs like Bitwise (BITB) and Ark (ARKB) also saw positive inflows, though much more modest than Blackrock and Fidelity. In total, all Bitcoin ETFs added $588.1 million in BTC to the funds on January 30.

This performance is especially noteworthy when compared to the amount of new Bitcoin mined on the same date, which highlights a growing demand for Bitcoin from institutional investors. While miners added around 450 new BTC to the market, ETFs scooped up over 5,400 BTC for these funds.

If this trend continues, it could have a significant impact on the value of each coin. While it doesn’t necessarily translate to a more scarce market, as these funds can buy or sell Bitcoin at will — it could create greater scarcity over the months as more institutional investors seek out Bitcoin.

Bitcoin itself reacted favorably on December 31, reaching upwards of $105,000 during its daily pic, according to CoinMarketCap. Overall, BTC was able to maintain its $102,000–$105,000 range throughout the week, showing no signs of holding off that zone.

As analysts continue to debate whether the bull run is over or not, the news regarding the crypto market points to buyers maintaining control over the market in the next couple of weeks.