Net inflows of assets into spot bitcoin ETFs totaled $631.2 mln on February 13. This amount was second only to the first day of trading in the new products – $655.2 mln. What’s behind this figure? Was it a market reversal or is it still too soon to make any forecasts?
Given that the main contributor was BlackRock’s ETF, it might look like an extension of the previous factor of support from the stock market: high demand for BTC coming from institutional investors.
The situation, however, is as follows: at first emotions ruled the market, then frenzied demand kicked in, which gave way to a sharp sell-off. The emergence of new products has clearly triggered conflicting market reactions. And only now is the trading environment entering a relatively healthy phase, when demand becomes systematically stable. This is a very good sign that implies greater maturity of current trends.
Confident buying of the underlying asset by the industry heavyweights may continue to set the tone for the entire cryptocurrency market.