20.7 C
New York
Saturday, May 18, 2024

Spot Bitcoin ETFs Record $183 Million Daily Net Inflow as BTC Taps $70K

Must read

Spot Bitcoin exchange-traded funds have continued to capture the attention of investors in the United States after a brief hiccup. These funds have resumed positive flows, marking the fourth consecutive day of net inflows, concluding March on a strong note.

In yet another milestone, the total net inflow for spot Bitcoin ETFs reached $183 million on March 28.

Net Inflows Exceed $12 Billion

According to SoSo Value data, the latest figures contributed to a cumulative net inflow of almost $12.13 billion. Leading the pack as usual was BlackRock’s iShares Bitcoin ETF (IBIT) with more than $95 million net inflows, followed closely by Fidelity Wise Origin Bitcoin Fund (FBTC) with $69.09 million.

Bitwise’s BITB and ARK 21Shares Bitcoin ETF (ARKB) recorded $67 million and $27.6 million in inflows, while VanEck’s HODL settled with inflows of $20 million.

On the other hand, the Grayscale Bitcoin Trust (GBTC) witnessed continued net outflows as usual, shedding nearly $105 million from its product, which was the lowest since March 12th.

The figures come after a minor setback with five consecutive days of outflows spot Bitcoin ETFs from March 18th to 22nd. During this time, Bitcoin briefly plunged below $63,000, sparking concerns among market participants. The rebound to the coveted $70,000 improved the market sentiment with the ETF space seeing increased demand and influx of new players.

Earlier this week, crypto asset management firm Hashdex announced its plans to convert its futures fund, dubbed ‘Hashdex Bitcoin Futures ETF’ to a spot Bitcoin ETF called ‘Hashdex Bitcoin ETF’ under the ticker ‘DEFI’ in partnership with Tidal Investments LLC.

With this development, HashDEX has become the eleventh player to enter the competitive landscape, largely controlled by two major players – BlackRock and Fidelity.

BlackRock’s Larry Fink on IBIT’s Performance

In a recent Fox Business interview, BlackRock CEO Larry Fink expressed his pleasant surprise regarding the performance of the spot Bitcoin ETF offered by his firm. He reaffirmed his strong optimism about the leading crypto asset’s long-term prospects and highlighted that he is “very bullish” on its viability.

The exec further went on to add that he was being taken aback by the impressive performance of the iShares Bitcoin Trust (IBIT), especially during the initial 11 trading weeks, and said that the fund has exceeded his expectations.

SPECIAL OFFER (Sponsored) LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

More articles

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 comments
Inline Feedbacks
View all comments

Latest News