US Bitcoin ETFs Hit Record Daily Inflow of $676.8M, Sparks Investor Interest in Australia
Summary:
United States Bitcoin exchange-traded funds (ETFs) have achieved a record daily inflow of $676.8 million. The inflow has been attributed to five out of the SEC-approved ten players, including iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund. However, the total inflow was reduced to $676.8 million due to the outflows reported by the Grayscale Bitcoin Trust. The survey indicates increased interest in Bitcoin in Australia, following the U.S. approval of Bitcoin ETFs in January.
Bitcoin exchange-traded funds (ETFs) in the U.S. have reportedly hit a new record by pulling in a collective daily investment of $676.8 million. This record high for the Bitcoin ETF ecosystem occurred on February 28. Out of the 10 entities authorized by the U.S. Securities and Exchange Commission (SEC), the funds were primarily brought in by five. They include iShares Bitcoin Trust with $612.1 million, Fidelity Wise Origin Bitcoin Fund with $245.2 million, Bitwise Bitcoin ETF with $9.9 million, ARK 21Shares Bitcoin ETF with $23.8 million and WisdomTree Bitcoin ETF with $2.2 million. However, the Grayscale Bitcoin Trust reported outflows of $216.4 million which brought down the total average inflows from $893.2 million to $676.8 million. Since February 12, there have been cumulative inflows of $7,406.9 million into the U.S. spot Bitcoin ETF market however, losses of $7,807.3 million due to outflows dominated by Grayscale. iShares’s contribution remains the largest, of $7,152.4 million as of February 28. In total, since inception, inflows into Bitcoin ETFs reached $7,399 million. These movements in the Bitcoin market have sparked interests in other parts of the world. A recent survey among 2,100 Australians showed increased attention in Bitcoin, following U.S. approval of Bitcoin ETFs in January. This approval also led to an increase to Bitcoin sentiment by 25%, and an uptick in adoption rates in 2024, echoed in a statement by Independent Reserve CEO Adrian Przelozny who said "we've entered a phase of renewed optimism and growth". Divided opinions were found among respondents about whether to invest in Bitcoin through a crypto exchange or an ETF in the long term.
Published At
2/29/2024 10:05:16 AM
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