BTC Touches $50k, ETF Inflows Accelerate

Name: FS Insight
Price range: $$$

Feb 12, 2024

Author

Sean Farrell ^AC

ARB -12.94% BTC -0.46% ETH -0.16% IMX 1.11% OP -3.97% STX -4.92%

Market Update Monday morning picked up right where yesterday left off, with $BTC surging toward $50k, momentarily touching the key level across several exchanges. The rally appears to be driven by spot market demand, as evidenced by a significant spike in spot volume while funding rates remain muted (see chart below). A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action. Concurrently, $ETH is making strides toward recouping the $2600 level, and Bitcoin's Layer 2 solution, $STX, is experiencing a massive rally alongside BTC. The rally is broadening out, with ETH Layer 2 projects like $ARB, $OP, and $IMX witnessing over a 5% increase. This surge occurs despite rising rates, the DXY moving higher, and gold declining in response to an increase in real rates. Equity indexes continue to rally, posting gains across all sectors thus far today. This is a crucial macro week, with a CPI release tomorrow and PPI and Consumer Sentiment on Friday. Additionally, Coinbase is slated to report earnings this week, marking its first earnings announcement post-ETF launch.Source: VeloThe robust price action observed at the US market open underscores the mounting demand for spot BTC ETFs. Net aggregate ETF flows continue to accelera

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