Record-Breaking Inflows: US Bitcoin ETFs Cross $1 Billion Mark for the First Time
Summary:
U.S. spot Bitcoin ETFs have hit a new record by attracting over $1 billion in net inflows for the first time on March 12. BlackRock’s iShares Bitcoin ETF (IBIT) was the major contributor. The massive inflows and a bullish Bitcoin trend have pushed daily capital inflows held by the Bitcoin network to a peak of $2 billion. Meanwhile, the Grayscale Bitcoin Trust (GBTC) is decreasing its net inflow and its market share has dropped below 50% for the first time since Bitcoin ETFs began trading in the U.S. on January 11.
Bitcoin exchange-traded funds (ETFs) in the United States have achieved a significant breakthrough by pulling in over $1 billion in net inflows for the first time on March 12. The appeal of Bitcoin ETFs continues to rise with daily contributions exceeding $11.1 billion in the past 13 days. Bitcoin ETFs witnessed their record daily inflow of $1.045 billion on March 12, thanks largely to BlackRock’s iShares Bitcoin ETF (IBIT).
IBIT was responsible for $849 million of incoming capital, whereas other funds such as ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) drew in a relatively smaller amount of $93 million, $82.9 million, and $51.6 million, respectively.
This substantial investment stream into Bitcoin ETFs—coupled with a supportive bull run—has pushed the daily inflow of capital held by the Bitcoin network to an all-time high of $2 billion a day, marking yet another achievement for the ecosystem.
Furthermore, Bitcoin's market price has reached a new peak of $73,000 as of this update. Among the approved Bitcoin ETFs in the U.S., the Franklin Bitcoin ETF (EZBC) has recorded the least inflows to date, securing $148 million, while IBIT takes the majority with a whopping $11.4 billion. Conversely, the Grayscale Bitcoin Trust (GBTC) is reducing the net inflow daily. In summary, GBTC has lost $11.1 billion in the past 13 days.
On a related note, Grayscale’s GBTC has dropped below a 50% market share for the first time since spot Bitcoin ETFs started trading in the United States on January 11. On the debut trading day of the 10 U.S. spot Bitcoin ETFs, Grayscale’s fund represented almost 99.5% of their complete AUM. However, regular daily outflows from the GBTC—averaging $329 million per day last week—have gradually diminished the ETF’s market share.
Published At
3/13/2024 11:34:32 AM
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