• Bitcoin (BTC) rose to $47,600 by mid-morning ET on the 9th, then quickly fell 2%.
• Bitcoin ETFs on Wednesday attracted more than $400 million, the largest inflow since January 17, according to data from BitMex Research.

Bitcoin rose to $47,699 on the 9th, the first time since the Bitcoin ETF’s market debut, before quickly falling to $46,700. It has since rebounded, and at the time of writing, it is up 4.5% in the past 24 hours, outpacing the CoinDesk 20 (CD20)’s 3.8% rise.

The Bitcoin ETF’s net holdings increased by 9,260 BTC, as calculated by CoinDesk based on the issuer’s website. This represents an inflow of more than $400 million, the highest level since January 17, according to data from BitMex Research.

Bitcoin ETF Flow – Data up to 8th Feb in US$ pic.twitter.com/yMdNOpd4ZC

— BitMEX Research (@BitMEXResearch) February 9, 2024

“Third largest inflow since market debut,” James Seyffart, an ETF analyst at Bloomberg Intelligence, wrote in a post on X.

Bitcoin has gained nearly 10% in a week, but analysts say there is still room for it to rise.

Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk that Bitcoin is poised to rise after regaining its 50-day moving average.

10X Research’s Markus Thielen said earlier this week that Bitcoin’s near-term target is $48,000 due to strong gains around the Chinese New Year. In the medium term, we predict that it will reach $52,000 in March, completing the fifth wave of the uptrend.

｜Translation/editing: CoinDesk JAPAN
｜Image: CoinDesk
｜Original text: Bitcoin Tops $47K as Spot Bitcoin ETFs Book One of Their Best Days