Current State of Spot Bitcoin ETF Market: Over $600 Million in Net Inflows!

  • Spot Bitcoin ETFs recorded a massive inflow of $673 million, making it the largest inflow since their launch earlier this month.
  • According to Bloomberg ETF analyst James Seyffart, this is the largest inflow recorded since the SEC approved spot Bitcoin ETFs in January.
  • IBIT also set a trading volume record of $1.3 billion, achieving a daily trading volume surpassing most major U.S. stocks, reaching $3.2 billion.

Inflows into spot Bitcoin ETFs launched in January have surpassed $600 million; Which ETFs received how much inflow?

Record Inflows in Spot Bitcoin ETFs

bitcoin-btc

Spot Bitcoin ETFs recorded a significant inflow of $673 million, making it the largest inflow since their launch earlier this month. This occurred in an environment where demand exceeded supply, creating a “supply shock,” leading to a significant surge in the BTC price towards an all-time high.

Spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $673 million on February 28, according to data from Bloomberg and BitMEX Research. According to Bloomberg ETF analyst James Seyffart, this is the largest inflow recorded since the SEC approved spot Bitcoin ETFs in January. All spot Bitcoin ETFs recorded a substantial trading volume of $8 billion, with BlackRock leading the way.

BlackRock iShares Bitcoin ETF (IBIT) recorded an inflow of $612 million, marking the largest inflow recorded to date. IBIT also set a trading volume record of $1.3 billion and achieved a daily trading volume of $3.2 billion, surpassing most major U.S. stocks. Following the latest inflow, BlackRock’s net inflow exceeded $7.15 billion, and assets under management surpassed $9 billion.

Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF received $245.2 million and $23.8 million, respectively. Despite strong sentiment among retail and institutional investors for other spot Bitcoin ETFs like Bitwise (BITB), Wisdomtree (BTCW), they saw relatively low inflows.

In particular, GBTC saw an outflow of $216.4 million, surpassing the $125.6 million outflow on Tuesday, as investors withdrew due to high fees. Bloomberg senior ETF analyst Eric Balchunas stated that nine new spot Bitcoin ETFs, excluding GBTC, obliterated the previous daily trading volume record and provided a strong push that propelled the BTC price above $63,000. Vaneck Bitcoin Trust ETF (HODL) also experienced an outflow along with GBTC, seeing an outflow of $3.4 million.

BTC Price Approaching $70,000

As previously reported by COINOTAG, Wall Street investors are pouring money into Bitcoin ETFs as both Bitcoin and Ethereum have higher returns on investment than oil, stock exchanges, gold, and other assets. Meanwhile, the Crypto Fear & Greed Index has reached a 4-year high of around 80, indicating that market sentiment is currently in the ‘Extreme Greed’ zone.

The BTC price has risen above $63,000, nearing the peak of $68,700 set 27 months ago. The 24-hour low and high are $57,093 and $63,913, respectively. Furthermore, trade volume has increased by over 150% in the last 24 hours, indicating a surge in interest among traders.

According to Coinglass data, open positions (OI) in futures and options have reached record levels, with the total option OI exceeding $33.79 billion, an increase of over 8%. Despite high funding rates, FOMO continues to drive the BTC price, pushing it towards the $100,000 mark, contrary to the predictions of many experts.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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