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Bitcoin ETF Frenzy: BlackRock Leads $1 Billion Daily Inflow

Last Updated March 14, 2024 9:09 AM
Teuta Franjkovic
Last Updated March 14, 2024 9:09 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Bitcoin price hits a new all-time high after a record $1 billion influx into US Bitcoin ETFs on March 12.
  • BlackRock’s iShares Bitcoin Trust (IBIT) attracted the most significant inflow.
  • Crypto enthusiast Samson Mow believes Bitcoin’s price surge is just getting started.

Following a historic $1 billion influx  into US-based exchange-traded funds (ETFs) on March 12, Bitcoin’s price sustained its recent surge.

The leading digital currency reached a new peak  of $73,750.07 on March 14, causing substantial losses exceeding $100 million for traders who speculated on its price in the last 24 hours.

Bitcoin ETFs Smash Inflow Record: Over $1 Billion Floods In

BitMEX Research data  reveals that net inflows into Bitcoin spot ETFs exceeded $1 billion on March 12. Specifically, the inflow amount recorded that day reached $1.04 billion, setting a record for the largest single-day inflows since these investment products began trading on January 11.

The previous record for daily inflows was set on February 28, with the 10 Bitcoin funds drawing investments totaling $673 million.

BlackRock ETF Leads Surge in Bitcoin Trust Inflows

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with the most significant inflow, attracting $849 million. This surge increased the total assets under management (AUM) in the IBIT fund to $15.42 billion, positioning it second only to Grayscale Investments’ Bitcoin Trust ETF (GBTC), which has $27.68 billion in assets.

Following IBIT, the Ark 21Shares Bitcoin ETF (ARKB) and VanEck Bitcoin Trust (HODL) also experienced substantial inflows. ARKB received $93 million, while HODL recorded an inflow of $82.9 million.

VanEck’s ETF emerged as the third most popular option after the firm announced a sponsor fee waiver of 0.20%  until March 31, 2025, or until the fund reaches its first $1.5 billion in assets under management (AUM). Currently, the fund’s AUM stands at $515 million.

Fidelity’s FBTC was the fourth Bitcoin ETF to experience significant inflows, attracting $51.6 million and bringing its total AUM to around $9.2 billion.

Despite the overall trend of inflows, Grayscale Investments’ Bitcoin Trust ETF (GBTC) continued to see funds leaving, albeit at a reduced rate. On March 12, GBTC experienced an outflow of $79 million, which was significantly lower than the record $494 million outflow witnessed the previous day.

Bitcoin Hits New Highs: $1 Million Target on Horizon?

The remarkable increase in ETF inflows coincides with Bitcoin reaching new all-time highs (ATHs). Following the break above its 2021 ATH, Bitcoin has set new records in the past eight days. The most recent ATH, recorded on March 13, stands at $73,637.

Despite the upcoming halving being just a few weeks away, Bitcoin has continued to soar to new all-time highs. Amid this impressive performance, crypto enthusiast Samson Mow has stated that Bitcoin’s price run has yet to truly begin.

In a recent discussion, Mow told CCN:

“I would say there’s a massive amount of growth. If you look at the state of Bitcoins infrastructure today with lightning, with liquid. We have a very robust ecosystem of different and unique ways to scale Bitcoin and if you look at it from a monetary perspective of Bitcoin and as an asset class, we have the ETFs now that have billions of dollars in AUM and I would say overall everything is very healthy.”

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