Posted 2/22/2024, 8:32:00 PM
Bitcoin ETF Inflows Moderate as Price and Fund Correlation Dips
- Bitcoin ETF price and spot ETF flows correlation declined to 0.60 on Feb 15 from a high of 0.84 on Jan 31 per JPMorgan
- A correlation above 0.70 is considered highly correlated, just below is moderately correlated
- Inflows accelerated last week to a record $2.4 billion, the largest amount in the ETFs' short history
- Inflows continue to be dominated by BlackRock's IBIT and Fidelity's FBTC, which have garnered nearly $11 billion in assets
- Bitcoin's price gains in early Feb led to a jump in ETF inflows; recent price leveling triggered softer inflows into the funds