The spot Bitcoin exchange-traded funds (ETFs) in the United States have achieved a significant milestone, attracting over $1 billion in net inflows for the first time on March 12.
Investments into spot Bitcoin ETFs have been increasing rapidly, with daily inflows surpassing $11.1 billion in the last 13 days. On March 12, Bitcoin ETFs experienced their largest daily inflow of $1.045 billion, largely contributed by BlackRock’s iShares Bitcoin ETF (IBIT).
IBIT accounted for $849 million of the inflow, while other ETFs such as ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) made comparatively smaller contributions of $93 million, $82.9 million, and $51.6 million, respectively.
As a result of the significant inflows into Bitcoin ETFs and the ongoing bull run, the daily inflows of capital stored on the Bitcoin network have reached $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 at $148 million, while IBIT holds the majority share at $11.4 billion. On the other hand, the Grayscale Bitcoin Trust (GBTC) has been experiencing daily net outflows, with a total of $11.1 billion shed in the last 13 days.
Since the trading of spot Bitcoin ETFs began in the United States on January 11, Grayscale’s GBTC has seen its market share drop below 50% for the first time.
During the first trading day of the 10 U.S. spot Bitcoin ETFs, Grayscale’s fund accounted for approximately 99.5% of their total assets under management (AUM). However, consistent daily outflows from GBTC, averaging $329 million per day last week, have gradually reduced the ETF’s market share over time.
In conclusion, the spot Bitcoin ETFs in the United States have experienced significant inflows, reaching a new milestone of over $1 billion in net inflows. The ongoing bull run and increased adoption of Bitcoin have contributed to this growth.