BlackRock Leads as US Bitcoin Spot ETFs See $1B Record Inflow In One Day

On March 12, the 10 Bitcoin spot ETFs saw a record inflow of $1.04 billion, with BlackRock’s IBIT accounting for $849 million of the total figure. 

Yesterday was another record-breaking day of inflows for the 10 Bitcoin (BTC) spot-based exchange-traded funds (ETFs) in the United States. 

New Daily Inflow Record 

According to data from BitMEX Research, the net inflows to the Bitcoin spot ETFs surpassed $1 billion on March 12. In Particular, the total inflow recorded yesterday was worth $1.04 billion. This marks the largest inflows recorded in a single day since these investment products started trading on January 11. 

The previous daily record inflow was registered on February 28, when the 10 Bitcoin funds attracted $673 million worth of investments. 

[1/4] Bitcoin ETF Flow – 12 March 2024

All data in. Record day with over $1 billion of net inflow. Blackrock with a record $849 million of inflow pic.twitter.com/dKFmM3Qvaa

— BitMEX Research (@BitMEXResearch) March 13, 2024

BlackRock Sees $849M Inflows in a Single Day

Interestingly, BlackRock’s iShares Bitcoin Trust (IBIT) attracted the largest inflow to the tune of $849 million. As a result, the total assets under management (AUM) within the IBIT fund spiked to $15.42 billion, ranked only behind Grayscale Investments’ Bitcoin Trust ETF (GBTC) ETF, which holds $27.68 billion.

Meanwhile, Ark 21Shares Bitcoin ETF (ARKB) and VanEck Bitcoin Trust (HODL) were behind IBIT. While ARKB saw an inflow of $93 million, HODL’s inflow stood at $82.9 million.  

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VanEck’s ETF ranked third after the company announced a 0.20% sponsor fee waiver until March 31, 2025, or once the fund records its first $1.5 billion AUM. The fund currently boasts $515 million in assets under management.

Furthermore, Fidelity’s FBTC was the fourth Bitcoin ETF that saw the most inflow yesterday. The fund attracted $51.6 million, bringing its AUM to approximately $9.2 billion. 

Expectedly, GBTC continued to record outflow. However, the company saw a meager outflow of $79 million on March 12 compared to the previous day’s record of $494 million. 

Bitcoin Sets New ATH 

The surge in ETF inflows comes on the heels of Bitcoin setting new all-time highs (ATH). Since breaking its previous ATH of 2021, Bitcoin has registered new ATHs over the past eight days. The current ATH of $73,637 was registered on March 13. 

These significant surges to new all-time highs have persisted despite the halving being a few weeks away. While BTC’s recent performance has been outstanding, crypto bull Samson Mow asserted that Bitcoin has not yet commenced its price run. 

He noted that faces will be atomized when the asset’s price run takes place. Mow also expects Bitcoin to reach a $1 million price target in the future, emphasizing that the goal was set when the U.S. SEC approved multiple Bitcoin spot ETFs in January. 

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• Source: https://thecryptobasic.com/2024/03/13/blackrock-leads-as-us-bitcoin-spot-etfs-see-1b-record-inflow-in-one-day/?utm_source=rss&utm_medium=rss&utm_campaign=blackrock-leads-as-us-bitcoin-spot-etfs-see-1b-record-inflow-in-one-day