Bitcoin ETFs Smash $1 Billion Inflow Record in a Single Day

In a remarkable financial milestone, United States-based spot Bitcoin exchange-traded funds (ETFs) have shattered previous records, amassing over $1 billion in net inflows in a single day on March 12. This unprecedented surge signals a growing investor confidence and interest in cryptocurrency, particularly in Bitcoin ETFs, as the total inflows soared to $11.1 billion in just under two weeks.

The spotlight of this historic achievement shines on BlackRock’s iShares Bitcoin ETF (IBIT), which alone contributed $849 million to the day’s total. Other notable contributors include ARK 21Shares Bitcoin ETF, VanEck Bitcoin Trust ETF, and Fidelity Wise Origin Bitcoin Fund, though their additions were significantly lesser in comparison.

This influx of investment into Bitcoin ETFs comes amidst a bullish market trend, further elevating the Bitcoin network’s daily capital inflows to a staggering $2 billion. Additionally, Bitcoin’s market price skyrocketed to a new peak of $73,000, underscoring the crypto’s escalating valuation and appeal among investors.

Among the plethora of approved Bitcoin ETFs in the U.S., Franklin Bitcoin ETF stands at the lower end of the spectrum with $148 million in total inflows, while IBIT boasts the largest share with $11.4 billion. In contrast, Grayscale’s Bitcoin Trust (GBTC) experienced a notable decline, losing $11.1 billion over the same period, highlighting a shift in investor preference towards other ETF offerings.

Grayscale’s GBTC saw its market share dip below 50% for the first time since the introduction of spot Bitcoin ETFs in the U.S. on January 11. Initially dominating with nearly 99.5% of total assets under management among U.S. spot Bitcoin ETFs, the GBTC has faced continuous outflows, averaging $329 million per day last week, indicating a significant change in the landscape of cryptocurrency investment.

This trend marks a pivotal moment in the cryptocurrency sector, illustrating a robust and widening acceptance of Bitcoin ETFs among investors, and setting the stage for further growth and diversification in the crypto investment sphere.