Bitcoin ETFs Record $1 Billion Daily Inflow
13 Mar, 2024 ● Coin news
The United States' spot Bitcoin exchange-traded funds (ETFs) reached a significant milestone by attracting over $1 billion in net inflows for the first time on March 12.
Investments in spot Bitcoin ETFs are on a sharp rise, with daily inflows surpassing $11.1 billion over the past 13 days. March 12 saw the largest daily inflow to date, totaling $1.045 billion, primarily driven by BlackRock’s iShares Bitcoin ETF (IBIT).
IBIT led the way with $849 million in inflows, while ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) contributed $93 million, $82.9 million, and $51.6 million, respectively.
The massive influx into Bitcoin ETFs, coupled with a bullish market, has pushed the daily inflows of capital stored on the Bitcoin network to a new milestone of over $2 billion per day.
Meanwhile, the market price of Bitcoin surged to a new high of $73,000.
Among the approved Bitcoin ETFs in the U.S., Franklin Bitcoin ETF (EZBC) recorded the lowest inflows at $148 million to date, while IBIT leads with $11.4 billion.
However, the Grayscale Bitcoin Trust (GBTC) has been consistently shedding its market share, with outflows totaling $11.1 billion over the past 13 days.
This trend has led to GBTC's market share dropping below 50% for the first time since the inception of spot Bitcoin ETF trading in the U.S. on January 11.
Initially, Grayscale's fund accounted for about 99.5% of the total assets under management of the 10 U.S. spot Bitcoin ETFs.
However, sustained daily outflows, averaging $329 million per day last week, have gradually eroded GBTC's market dominance.
Sources:
https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow
