In the past 90 days, investors have poured an amount equivalent to 133,000 BTC into various regulated Bitcoin products. Their AUM has risen to 1 million BTC, according to ByteTree.
ByteTree shows that the BTC held by global Bitcoin ETP products briefly exceeded the 1 million mark, setting a new record. Over the past 90 days, these ETFs have seen inflows of 133,000 BTC, mainly due to the US Spot Bitcoin ETF. The surge in Bitcoin ETF inflows coincided with…
— Wu Blockchain (@WuBlockchain) March 5, 2024
This significant influx followed the approval of the first cryptocurrency-based ETF in the US. Experts noted that this trend was accompanied by an outflow of funds from gold and bond-based exchange-traded funds.
According to SoSoValue, on March 4, the total net inflow into spot Bitcoin ETFs was $562 million — the second-highest in history. The record of $673 million was set on February 28.
According to SoSoValue data, on March 4th, the total net inflow to Bitcoin spot ETFs was $562 million. Grayscale ETF GBTC experienced a net outflow of $367 million yesterday, while the Bitcoin spot ETF with the highest net inflow was BlackRock ETF IBIT, with a daily net inflow of… pic.twitter.com/UwTuDGl54o
— Wu Blockchain (@WuBlockchain) March 5, 2024
Investors withdrew $367 million from Grayscale’s GBTC. The inflow into BlackRock’s IBIT was $420 million.
Since launch, $7.9 billion has flowed into these products. This was highlighted by MN Trading founder Michaël van de Poppe.
A netflow of $560 million into the #Bitcoin ETFs yesterday.
A massive week with inflow, even while more than $1 billion flows out of Grayscale.
In the same week that Gold makes a new ATH.
Record-breaking $8 billion has been flowed into the ETFs since the launch. pic.twitter.com/LZPfglE2vr
— Michaël van de Poppe (@CryptoMichNL) March 5, 2024
According to Bloomberg analyst Eric Balchunas, on March 4, trading volume in the sector reached $5.5 billion — the second-highest since statistics began. Of this, IBIT accounted for $2.4 billion.
The AUM of each of GBTC’s competitors has increased by 30% over the last six trading days. The leader, IBIT, reached $11.53 billion.
Confirmed: today was second biggest volume day for the Ten at about $5.5b. $IBIT alone did $2.4b of it and has crossed $11b in aum. Each of them is up over 30% in 6 days, which will prob help keep flow ball rolling. Getting a bit of ARK Mania deja vu. pic.twitter.com/BDRYVPBk34
— Eric Balchunas (@EricBalchunas) March 4, 2024
Michael Saylor, founder of MicroStrategy, stated that spot Bitcoin ETFs have accelerated the adoption of digital gold among institutions.
Previously, ForkLog reported on the provision of product access upon request for Bank of America and Wells Fargo clients.
Before this, media reported on Morgan Stanley’s launch of due diligence regarding the addition of spot Bitcoin ETFs to its brokerage platform.