On February 8, the market observed a significant influx of $403 million into spot Bitcoin ETFs, marking the third-highest inflow day for these funds. This surge in investment occurred concurrently with Bitcoin's price ascending beyond $46,000, achieving a new multiweek peak.

Since their inception on January 11, spot Bitcoin ETFs have attracted over $2.1 billion, underscoring robust market demand for Bitcoin. The notable inflow coincided with Bitcoin nearing yearly highs, just $2,000 shy of reaching new milestones.

Among the ETFs, BlackRock iShares Bitcoin Trust (IBIT) led with $204 million in inflows, followed by Fidelity with $128 million, ARK 21Shares with $86 million, and Bitwise with $60 million. Despite this positive trend, the Grayscale Bitcoin Trust (GBTC) experienced a $102 million outflow.

For the first time, IBIT surpassed GBTC in daily trading volume, although the collective trading volume of all 11 spot Bitcoin ETFs dropped below $1 billion since their debut. Bloomberg's senior analyst, Eric Balchunas, pointed out the significance of BlackRock's achievement in surpassing Grayscale's trading volume, a milestone usually taking years to accomplish.

The influx into Bitcoin ETFs indicates a keen investor interest, effectively removing approximately 8,698 BTC from the market for storage. The approval and subsequent trading of spot Bitcoin ETFs by the United States Securities and Exchange Commission on January 10 have since propelled record trading volumes, highlighting strong investor enthusiasm.

As the next Bitcoin halving approaches in under 70 days, reducing the block reward from 6.25 BTC to 3.125 BTC, the anticipated decrease in supply coupled with increasing institutional demand may set the stage for Bitcoin to reach new market highs.