The United States spot Bitcoin (BTC) exchange-traded funds (ETFs) achieved a new milestone after attracting more than $1 billion in net inflows for the first time on March 12.
Investments into spot Bitcoin ETFs continue to soar as daily inflows breached $11.1 billion over the last 13 days. On March 12, Bitcoin ETFs saw their biggest-ever daily inflow of $1.045 billion, chiefly contributed to by BlackRock’s iShares Bitcoin ETF (IBIT).
IBIT accounted for $849 million of inflow, while ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD) and Fidelity Wise Origin Bitcoin Fund (FBTC) recorded a comparatively lower contribution of $93 million, $82.9 million and $51.6 million, respectively.
As a direct result of the massive inflows into the Bitcoin ETFs and a supporting bull run, the daily inflows of capital being stored by the Bitcoin network just hit $2 billion per day, marking yet another milestone for the ecosystem.
In addition, the market price of Bitcoin reached a new high of $73,000 at the time of writing.
Out of the approved Bitcoin ETFs in the U.S., WisdomTree Bitcoin Fund (BTCW) recorded the lowest inflows at $52.3 million to date, while IBIT holds the lion’s share at $11.4 billion. On the other end of the spectrum, the Grayscale Bitcoin Trust (GBTC) brings down the net inflow on a daily basis. In total, GBTC shed $11.1 billion over the last 13 days.
Related: Bitcoin surges after crypto ETPs notch record $2.7B weekly inflows
Grayscale’s GBTC fell below 50% market share for the first time since spot Bitcoin ETFs began trading in the U.S. on Jan. 11.
On the first trading day of the 10 U.S. spot Bitcoin ETFs, Grayscale’s fund accounted for around 99.5% of their total assets under management. However, consistent daily outflows from the GBTC — which averaged $329 million per day last week — have eaten away at the ETF’s market share over time.
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