Spot Bitcoin ETFs Attract $562 Million Inflows, Led by BlackRock and Fidelity
Spot Bitcoin ETFs have had a strong start to the week, with over $562 million in inflows on Monday. This surge in capital flows comes as the Bitcoin market experiences a 21% increase in value over the past week. BitMEX Research has provided an update on the market, revealing that 8,377 BTC tokens worth $562.7 million entered the market on March 4. Interestingly, while the Grayscale Bitcoin Trust (GBTC) continues to see capital outflows, other options like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have seen significant inflows.
BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund Lead the Way
The influx of funds into spot Bitcoin ETFs was largely driven by BlackRock’s IBIT and Fidelity’s FBTC. IBIT saw an inflow of 6,224 BTC valued at $420 million, while FBTC received an impressive influx of 5,994 Bitcoin worth $404.6 million. These two products outperformed other options in the market.
- Inflows:
- BlackRock’s iShares Bitcoin Trust (IBIT): 6,224 BTC ($420 million)
- Fidelity’s Wise Origin Bitcoin Fund (FBTC): 5,994 BTC ($404.6 million)
Less Popular Options Experience Outflows
While larger products like IBIT and FBTC performed well, less popular options such as Invesco and Galaxy Digital’s BTCO, VanEck’s HODL, and WisdomTree’s BTCW recorded outflows. The Grayscale Bitcoin Trust (GBTC) saw the largest outflow, with 5,451 BTC worth $368 million leaving the trust.
- Outflows:
- Invesco and Galaxy Digital’s BTCO
- VanEck’s HODL
- WisdomTree’s BTCW
- Grayscale Bitcoin Trust (GBTC): 5,451 BTC ($368 million)
Cumulative Inflows Reach $7.915 Billion Since January 11
The recent influx of $562 million follows a negative flow of $192 million recorded on Friday, which was largely driven by GBTC’s significant outflow of $492 million. Since January 11, total cumulative flows into spot Bitcoin ETFs have reached an impressive $7.915 billion.
Record Highs in Capital Flows and Trade Volume
The market for spot Bitcoin ETFs has been experiencing unprecedented levels of capital flows and trade volume. In fact, these products recently achieved two consecutive record highs in 24-hour volumes on February 25 and 26, with the latest figure reaching $7.64 billion.
BlackRock Expands Offering and Plans to Purchase More Spot Bitcoin ETFs
BlackRock, one of the leading asset management firms, is capitalizing on the success of its iShares Bitcoin Trust (IBIT). The company has recently partnered with the B3 stock exchange in Brazil to make IBIT accessible to Brazilian investors. Additionally, BlackRock has filed with the U.S. Securities and Exchange Commission (SEC) to expand its offering and purchase more spot Bitcoin ETFs.
BTC Continues to Gain Momentum Amidst Spot Bitcoin ETF Success
Bitcoin (BTC) has been experiencing significant gains in value over the past two weeks. This surge in demand can be attributed to the success of spot Bitcoin ETFs and investor speculation. BTC recently reached $68,000 but faced a rejection, leading to a current price of $66,724.
Hot Take: Spot Bitcoin ETFs Drive Inflows, While GBTC Sees Outflows
The market for spot Bitcoin ETFs is thriving, with BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) leading the way in attracting inflows. On the other hand, less popular options like Invesco and Galaxy Digital’s BTCO, VanEck’s HODL, and WisdomTree’s BTCW have experienced outflows. The success of spot Bitcoin ETFs has led to record highs in capital flows and trade volume. BlackRock plans to expand its offering and purchase more spot Bitcoin ETFs, while BTC continues to gain momentum amidst increased demand and investor speculation.
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