Bitcoin ETFs Purchase $631 Million in a Day, BTC Crosses $51,500 Mark

February 13 marked the highest single-day inflow into Bitcoin ETFs since their approval in mid-January.

Market fluctuations of top cryptocurrencies as of 04:40 PM on February 14, 2024. Source: Coin360

According to newly compiled data by BitMEX Research on the afternoon of February 13, Bitcoin spot ETFs had an exceptionally successful trading session, with inflows totaling $631 million.

This is the second-highest inflow day since SEC approval in mid-January, trailing only the inaugural trading day on January 11, which saw $651 million in inflows.

Leading the charge was BlackRock's IBIT fund, pouring in over $493 million, three times more than the second-largest inflow from Fidelity's FBTC.

Grayscale's GBTC fund continued to experience outflows, totaling $72 million, significantly lower than the early trading days.

Following the publication of the ETF inflow data for February 13, BTC unexpectedly surged from $49,800 to $51,580 - a new high for 2024 and the highest since December 2021.

4-hour chart of BTC/USDT pair on Binance as of 04:40 PM on February 14, 2024

Thanks to this movement, the market capitalization of the world's largest cryptocurrency exceeded $1 trillion, with BTC.D index reaching 54.1%.

Major altcoins also saw increases of 2-6% alongside BTC's upward movement, with Ethereum notably setting a new peak at $2,746 - its highest since May 2022.

4-hour chart of ETH/USDT pair on Binance as of 04:40 PM on February 14, 2024

The trading volume in the last 4 hours approached $80 million, with the short order ratio nearing 97%.

Cryptocurrency liquidations statistics as of 04:45 PM on February 14, 2024