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Spot Bitcoin ETFs and Crypto Stocks Rally as BTC Price Breaks $47000 – Crypto News

Published

1 year ago

February 9, 2024

Dripp

All spot Bitcoin exchange-traded funds (ETFs) and crypto-related stocks opened higher after recording massive rise in pre-market hours on Friday as BTC price breaks above $47,000. Experts think it’s because investors, including whales, are moving money back into the crypto market.

Massive Pre-Market Trading in Crypto Stocks and Spot Bitcoin ETF

Stocks such as Coinbase (COIN) and MicroStrategy (MSTR) opens over 6%, and Robinhood Markets (HOOD) up 2% amid a rally in BTC price.

Moreover, Bitcoin mining stocks such as Marathon Digital, Riot Blockchain, TeraWulf, CleanSpark Inc, and others also rally on bullish sentiment on Bitcoin. CleanSpark stock price jumped 27% due to strong earnings report and plans to buy four mining facilities.

All spot Bitcoin ETFs also open much higher, indicating massive demand for Bitcoin today. Bloomberg ETF analyst James Seyffart noted Thursday was the 3rd biggest inflow day for the spot Bitcoin ETFs since their launch. First day inflow was over $655 million and Jan 17 was more than $453 million.

CoinGape reported that Bitcoin price rise beyond $47,000, with high odds of breaking above $48,000, which corresponds with a notable $405 million inflow into spot Bitcoin ETFs listed in the US. BlackRock (IBIT) and Fidelity (FBTC) spot Bitcoin ETF lead the inflow. GBTC outflow rose more than $100 million.

Adding to the bullish sentiment is the surge in Bitcoin Futures Open Interest (OI), which has risen by 5.51% in the last 24 hours to reach 444.81K BTC or $20.74 billion, according to CoinGlass data. Leading the charge in OI growth is the CME exchange, which saw a surge of 9.79% to 117.23K BTC or $5.46 billion. Binance follows closely behind with a 5.78% increase to 109.76K BTC or $5.12 billion in the same timeframe.

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Bitcoin Price Breaks Above $47,000

Spot flows even more important today, especially around the late US session, analyst Skew said. All Bitcoin ETFs by BlackRock, Fidelity, Bitwise, Ark 21 Shares, and others open higher after a premarket jump of over 4%.

He said, “It’s worth keeping an eye on the larger holders of BTC when there’s a discount and high volume day.”

BTC price jumped 5% in the last 24 hours, with the price currently trading at $47,204. The 24-hour low and high are $44,909 and $47,579, respectively. Furthermore, trading volume has increased by more than 28%.

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