Bitcoin Spot ETFs See Record Inflows as BTC Price Surges
The price of Bitcoin (BTC) has surged 8% in the last day, leading to excitement and optimism in the market. This recent surge in price could be attributed to various factors, but it seems that institutional investors are playing a significant role as daily inflows into Spot Bitcoin ETFs continue to rise.
Spot Bitcoin ETF Inflows Exceed $400 Million
According to Bloomberg analyst James Seyffart, the inflows into Spot Bitcoin ETFs show no signs of slowing down. Seyffart shared a screenshot on Tuesday, revealing that inflows into these ETFs have surpassed $400 million.
The Fidelity Wise Origin Bitcoin Fund is leading the pack with over $243.3 million in inflows, accounting for more than 50% of the total inflow. The ARK 21Shares Bitcoin ETF follows closely behind with significant inflows of $130.6 million. The Bitwise Bitcoin ETF recorded the third-largest inflow for the day, with $37.2 million.
Other funds such as the Franklin Bitcoin ETF, VanEck Bitcoin Trust, and WisdomTree Bitcoin Fund also saw minor inflows ranging from $0.9 million to $7.9 million. In total, all six funds received a combined total of $426 million in inflows.
However, the Grayscale Bitcoin Trust (GBTC) continues to experience outflows, with $22.4 million being withdrawn in the 24-hour period. This brings the net flows to a total of $403.6 million. On the other hand, funds like iShares Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and The Valkyrie Bitcoin Fund saw negligible inflows during this time frame.
Gunning for a New Record
The significant inflows into Bitcoin Spot ETFs in the past day reflect the strong demand for these products in the market. With institutional investors increasing their exposure to Bitcoin, it is expected that demand will continue to rise, especially as the BTC price performs well.
While these inflow volumes are not the largest single-day inflows recorded so far, they are still substantial. The highest daily record was set on the first day of trading, with inflows reaching as high as $655 million. The second-largest single-day net flow occurred on February 13, with $631 million. Seyffart suggests that if there is a big day from IBIT, it could surpass the Day 1 record.
Currently, the BTC price is undergoing a retracement after reaching a new two-year high of $57,000. It has gained 8.58% in the last 24 hours and is currently trading at $55,900 according to CoinMarketCap data.
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