Home Coin news Bitcoin ETFs Record $1 Billion Daily Inflow

Bitcoin ETFs Record $1 Billion Daily Inflow

13 Mar, 2024 Coin news

Bitcoin ETFs Record $1 Billion Daily Inflow

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

https://twitter.com/woonomic/status/1767696568143245451

https://farside.co.uk

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