Bitcoin ETFs show steady demand as BTC hits new YTD high: Bitfinex

Spot Bitcoin exchange-traded funds (ETFs) saw consistent inflows last week, outpacing the 3,400 exchange-traded products (ETPs) in the United States.

Analysts at crypto exchange Bitfinex said in the latest Bitfinex Alpha report that the ETF recorded a net positive inflow of more than $2.2 billion for the second week in a row between February 12 and 16. The flow partially offset BTC's recovery after the Consumer Price Index (CPI) data release.

Bitcoin ETFs show constant demand for BTC

Most of the proceeds were directed to BlackRock's IBIT ETF, which raised $1.6 billion. The fund alone has raised $5.2 billion year-to-date (YTD), accounting for roughly 50 percent of the asset manager's total net income across all ETFs.

Fidelity's FBTC saw the second highest number last week, attracting $648.5 million. Following the funding were Arch Invest/21Shares' ARKB and Bitwise's BITB, which raised $405 million and $232.1 million, respectively.

On the other hand, outflows from Greyscale GBTC continued, with investors withdrawing $624 million last week. Bitfinex said the U.S. Securities and Exchange Commission (SEC) had observed more than $7 billion in capital reduction since it switched from an over-the-counter product to an ETP in January.

BTC has reached a new YTD high

Steady flows are coming into place Bitcoin ETFs BTC hit a new YTD high of $52,900 for the first time since December 2021. Analysts say only 114 days in 2021 have recorded a daily closing price above the new level, representing 2.29% of BTC's total trading volume. History.

Bitcoin's climb to $53,000 represents a 25% increase since the beginning of the year. The asset reached similar levels from November 2021 support before an ecological collapse led the market into a 2022 bear season.

Over the past year, BTC has seen a 130% increase and a 207% gain since its November 2022 low. The leading digital currency is currently trading 25% shy of its all-time high of $69,000.

Meanwhile, the rise in BTC prices has shifted most of its supply into profits, reducing the percentage still held in losses. At the time of writing, only 11% of the total BTC supply purchased above $50,000 is held at a loss.