IBIT ETF Experiencing Increased Inflows: Current State of the Spot Bitcoin ETF Market!

• The total inflows into IBIT, amounting to $10.03 billion, are nearly enough to offset the total outflows of $10.55 billion from Grayscale’s converted GBTC fund.
• Fidelity’s FBTC takes the second position with an entry of $130.3 million, and Valkyrie’s BRRR is third with an entry of $41.4 million, according to BitMEX Research data.
• Nine new Bitcoin ETFs have also surpassed GBTC in bitcoin assets last week – now collectively holding over 409,224 BTC compared to GBTC’s 399,743 BTC.

Spot Bitcoin ETFs approved in the U.S. have started to see more demand: BlackRock’s IBIT ETF stands out!

BlackRock’s Bitcoin ETF Sets New Record

In just two months, BlackRock’s IBIT spot bitcoin exchange-traded fund surpassed $10 billion in net inflows on Friday. The total inflows into IBIT, amounting to $10.03 billion, are nearly enough to offset the total outflows of $10.55 billion from Grayscale’s converted GBTC fund.

Moreover, comparable to the $10.1 billion inflow from eight other spot bitcoin ETFs, these nine ETFs collectively surpassed 20 billion on Friday, excluding GBTC. Currently, the total sum of net inflows for all products has surpassed $9.5 billion.

IBIT recorded $336.3 million in inflows leading daily flows again on Friday. Fidelity’s FBTC takes the second position with an entry of $130.3 million, and Valkyrie’s BRRR is third with an entry of $41.4 million, according to BitMEX Research data.

On Friday, net inflows for U.S. spot bitcoin ETFs amounted to $223 million, despite Grayscale’s higher-fee GBTC fund experiencing an outflow of $302.9 million, which still continues to see significant daily outflows. Invesco’s BTCO was the only other ETF with daily activity, experiencing an outflow of $7.6 million.

“The iShares Bitcoin ETF has surpassed $10 billion in net inflows. That means 40 days of net inflows. It’s pulling in an average of $250 million a day,” shared ETF Store President Nate Geraci on Twitter and added: “It now has $13.6 billion in assets. Ark Invest’s total assets are about $16.5 billion. The firm was launched in 2014.”

Nine new Bitcoin ETFs also surpassed GBTC in bitcoin assets last week – now collectively holding over 409,224 BTC compared to GBTC’s 399,743 BTC, according to BitMEX Research. BlackRock’s IBIT leads with 197,943 BTC – also surpassing MicroStrategy’s 193,000 BTC last week.

“All this was likely, but not in eight weeks. Horrifically fast,” said Bloomberg ETF analyst Eric Balchunas and added: “It feels like it’s been in the market for six months. I feel like ETFs have been sucked into the crypto time (like a planet in Interstellar).”

The trading volume of spot bitcoin ETFs in the U.S. also reached the third-highest level on Friday at $7.58 billion, just behind the second-highest volume day of $7.64 billion on February 28. The record for daily trading volume for ETFs currently stands at $9.93 billion, set on March 5 – when bitcoin broke its previous all-time high of $69,000.

On Friday, BlackRock’s IBIT led trading volume again, registering $3.55 billion. Fidelity’s FBTC and Grayscale’s GBTC created entries of $1.69 billion and $1.51 billion, respectively, according to The Block’s data dashboard. The accumulated trading volume for all spot bitcoin ETFs is currently $106.6 billion.

Bitcoin Sets a New All-Time High

While the price of Bitcoin surpassed $70,000 on Monday, reaching a new all-time high of $71,860 by exceeding $71,000. Bitcoin is currently trading at $71,747 according to The Block’s price page – with a 3% increase in the last 24 hours and over 10% increase from last week.