The United States has achieved a significant milestone in the world of Bitcoin exchange-traded funds (ETFs). These ETFs have attracted over $1 billion in net inflows for the first time ever on March 12.
Investments in spot Bitcoin ETFs have been skyrocketing, with daily inflows surpassing $11.1 billion over the past 13 days. On March 12, Bitcoin ETFs experienced their highest daily inflow to date, reaching $1.045 billion. This surge was largely driven by BlackRock’s iShares Bitcoin ETF (IBIT).
Out of the total inflow, IBIT accounted for $849 million, while other ETFs like ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) contributed comparatively lower amounts of $93 million, $82.9 million, and $51.6 million, respectively.
As a result of these massive inflows into Bitcoin ETFs and the bullish market, the daily inflows of capital stored on the Bitcoin network have surpassed $2 billion per day, marking another milestone for the ecosystem.
Furthermore, the market price of Bitcoin has reached a new high of $73,000 at the time of writing.
Among the approved Bitcoin ETFs in the U.S., Franklin Bitcoin ETF (EZBC) has recorded the lowest inflows to date, amounting to $148 million. On the other hand, IBIT holds the majority share with $11.4 billion. The Grayscale Bitcoin Trust (GBTC), however, has been experiencing daily net outflows, with a total decrease of $11.1 billion over the past 13 days.
It is worth noting that GBTC’s market share has fallen below 50% for the first time since spot Bitcoin ETFs started trading in the U.S. on January 11. Initially, Grayscale’s fund accounted for around 99.5% of the total assets under management (AUM) of the 10 U.S. spot Bitcoin ETFs. However, consistent daily outflows, averaging $329 million per day last week, have gradually eroded GBTC’s market dominance.
In conclusion, the United States has witnessed a remarkable surge in Bitcoin ETFs, with inflows exceeding $1 billion for the first time. This influx of investments has had a significant impact on the Bitcoin network, resulting in daily capital inflows of over $2 billion. Additionally, the market price of Bitcoin has reached a new high of $73,000.