The BlackRock iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) experienced its highest ever daily inflows on March 5, surpassing its previous record set on February 28. The influx of investments in Bitcoin ETFs in the United States coincided with the cryptocurrency reaching a new all-time high of $69,324 on the same day. Data from Farside, an investment management company, revealed total inflows of $648.3 million on this milestone day.
Out of the 10 approved ETFs, the Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF were the only two to experience net outflows on March 5, with $332.5 million and $14.2 million respectively. The day’s net inflows were primarily driven by IBIT, with support from the Fidelity Wise Origin Bitcoin Fund ($125.6 million), the Bitwise Bitcoin ETF ($3.7 million), the ARK 21Shares Bitcoin ETF ($63.7 million), the Franklin Bitcoin ETF (FBTC) ($3.6 million), the VanEck Bitcoin Trust ETF ($3.5 million), and the WisdomTree Bitcoin ETF ($6.6 million). The Valkyrie Bitcoin ETF, however, did not see any inflows.
Despite GBTC consistently experiencing outflows, the Bitcoin ETF ecosystem has garnered $8.5 billion in net inflows to date. Historical data confirms that IBIT and FBTC attract the largest inflows and have never reported net outflows. As of March 5, IBIT contributed $9.16 billion and FBTC contributed $5.3 billion in total.
In contrast, GBTC’s Bitcoin holdings have decreased by 33% since its conversion to an ETF, with approximately 420,680 BTC currently held, compared to the 620,000 BTC held at the time of conversion.
Supported by significant investments and a continuing bull run, the combined trading volume of U.S.-based spot Bitcoin ETFs has exceeded $10 billion to date. Bloomberg ETF analyst Eric Balchunas described these figures as “bananas numbers for ETFs under two months old” in a post on X dated March 5.
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