The BlackRock iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) experienced a significant increase in daily inflows, reaching a record-breaking $788 million on March 5. This surpassed its previous all-time high of $612.1 million on Feb. 28.
The Bitcoin ecosystem has recently achieved two significant milestones. First, it reached a new all-time high (ATH) of $69,324 on March 5. Additionally, there has been a surge in investments in spot Bitcoin (BTC) ETFs in the United States.
According to data from investment management company Farside, total inflows on the day Bitcoin reached its ATH amounted to $648.3 million.
Out of the 10 approved ETFs, only the Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF experienced net outflows on March 5, amounting to $332.5 million and $14.2 million, respectively.
The day’s net inflows were primarily driven by IBIT and supported by 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).
On the other hand, the Valkyrie Bitcoin ETF did not receive any inflows. Overall, the Bitcoin ETF ecosystem has accumulated $8.5 billion in inflows to date, even after considering GBTC’s consistent outflows, which now total $9.6 billion.
Historical data confirms that IBIT and FBTC attract the largest inflows to the ecosystem and have never reported net outflows. As of March 5, IBIT and FBTC contributed a total of $9.16 billion and $5.3 billion, respectively.
In contrast, GBTC’s Bitcoin holdings have decreased by 33% since its conversion to an ETF, from 620,000 BTC to approximately 420,680 BTC at the time of writing.
Supported by substantial investments and an ongoing bull run, the combined trading volume of U.S.-based spot Bitcoin ETFs has surpassed $10 billion to date.
“These are remarkable numbers for ETFs that have been in existence for less than two months,” stated Bloomberg ETF analyst Eric Balchunas in a March 5 post on X reporting the figures.