BlackRock's iShares ETFs Hit Record Inflows Amidst Bitcoin High and Surge in BTC ETF Investments
Summary:
BlackRock's iShares exchange-traded funds (ETFs) reached a record-high daily inflow of $788 million on March 5. The Bitcoin ecosystem noted a surge with a new Bitcoin all-time high of $69,324, combined with significant US spot BTC ETF investments. Among 10 approved ETFs, Grayscale Bitcoin Trust and Invesco Galaxy Bitcoin ETF registered net outflows, while other ETFs experienced significant inflows, with IBIT leading. Despite constant outflows from GBTC, the Bitcoin ETF ecosystem has gained $8.5 billion in net inflows to date.
BlackRock's iShares exchange-traded funds (ETFs) (IBIT) experienced a record-breaking daily inflow of $788 million on March 5, surpassing its former record of $612.1 million set on February 28. The Bitcoin realm achieved striking milestones - an unprecedented Bitcoin (BTC) surge to $69,324 and a tidal wave of US spot BTC ETF investments. Figures from Farside, an investment management company, revealed a total inflow of $648.3 million on the day Bitcoin hit its ATH. The influx into US spot Bitcoin ETFs was reported. Farside provided the source for this data.
Amongst the 10 approved ETFs, it was noted that only the Grayscale Bitcoin Trust (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO) reported givebacks on March 5, equivalent to $332.5 million and $14.2 million respectively. The considerable inflows of the day were largely catalyzed by IBIT, supported by robust entries into ETFs such as Fidelity Wise Origin Bitcoin Fund ($125.6 million), Bitwise Bitcoin ETF ($3.7 million), ARK 21Shares Bitcoin ETF ($63.7 million), Franklin Bitcoin ETF ($3.6 million), VanEck Bitcoin Trust ETF ($3.5 million), and WisdomTree Bitcoin ETF ($6.6 million). By contrast, the Valkyrie Bitcoin ETF logged no inflows.
In summation, the Bitcoin ETF arena has registered net inflows of $8.5 billion to date, even after accounting for consistent outflows from GBTC, which currently aggregate at $9.6 billion. Analysis of historical data confirms that IBIT and Franklin Bitcoin ETF (FBTC) introduce the most significant inflows to the ecosystem and have never experienced net outflows. As of March 5, the cumulative contributions from IBIT and FBTC amounted to $9.16 billion and $5.3 billion, respectively.
However, the GBTC fund’s Bitcoin holdings have seen a decline of 33%, falling from 620,000 BTC when the fund transformed into an ETF, to roughly 420,680 BTC at present. Amidst vigorous investments and a continued bullish market, the trading volume of US spot BTC ETF reached a notable $10 billion.
The magnitude of these figures, according to Bloomberg ETF analyst Eric Balchunas in his March 5 post, is grid-shattering for such relatively new ETFs. Further developments can be found at Owner of seven-trait CryptoPunk Seedphrase where they have entered into a partnership with Sotheby's for NFT Collector.
Published At
3/6/2024 11:35:10 AM
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