Increased Demand for Spot Bitcoin ETFs Boosts BTC Price to $73,000!

  • Spot Bitcoin ETFs saw their highest single-day net inflow since the launch of the Bitcoin ETF in the United States.
  • On March 12th, according to SoSoValue data, net inflows into spot Bitcoin exchange-traded funds (ETFs) surpassed $1.05 billion.
  • BlackRock’s iShares Bitcoin ETF (IBIT) recorded inflows of $849 million, setting a new record for the highest inflow recorded to date.

The strengthening demand in the spot Bitcoin ETF market led to Bitcoin’s price reaching $73,000 early on Wednesday.

Spot Bitcoin ETFs Breaking Records

bitcoin-btc

Spot Bitcoin ETFs saw their highest single-day net inflow since the launch of the Bitcoin ETF in the United States, and Bitcoin recovered from a dip following higher CPI inflation data to reach a new all-time high of $73,000.

On March 12th, according to SoSoValue data, net inflows into spot Bitcoin exchange-traded funds (ETFs) surpassed $1.05 billion. The massive inflow came on the second-highest volume day for the 10 Bitcoin ETFs. In fact, it was the best day in the last five weeks, reaching a volume of $8.5 billion. Bloomberg Senior ETF Analyst Eric Balchunas said that only five stocks had higher trading volume than the $8.5 billion volume.

While BlackRock’s iShares Bitcoin ETF (IBIT) had almost $4 billion in volume, the VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) showed significant demand in other ETFs with volumes of $150 million and $250 million, respectively. VanEck recently reduced Bitcoin ETF management fees to 0% for the next twelve months.

BlackRock’s iShares Bitcoin ETF (IBIT) recorded inflows of $849 million, setting a new record for the highest inflow recorded to date. Following the latest inflow, BlackRock’s net inflow reached $11.44 billion, and assets under management surpassed $14.5 billion.

Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF saw inflows of $51.6 million and $93 million, respectively. Bitwise (BITB) and other spot Bitcoin ETFs saw marginally lower inflows. VanEck Bitcoin ETF (HODL) saw an inflow of $82.9 million due to 0% fees in a more competitive environment.

Additionally, GBTC recorded another $79 million in outflows, marking a significant decrease indicating the end of Genesis’ GBTC sales. Crypto lender Genesis received bankruptcy court approval to sell 35 million GBTC shares worth $1.3 billion. Notably, GBTC’s net outflow has exceeded $11.12 billion to date.

Bitcoin Price Surpasses $73,000

The BTC price rose by over 2% in the last 24 hours, reaching a new all-time high, and is currently trading at $73,390. The 24-hour low and high are $68,728 and $73,650, respectively. Additionally, trading volume increased slightly in the last 24 hours, indicating increased interest among traders.

Bitcoin futures and options open interest (OI) continue to remain at record levels, with total futures OI exceeding $36.97 billion, according to Coinglass data.

CME Bitcoin futures OI reached a new record level of $11.47 billion. Despite sentiments of consolidation due to excessively high funding rates, the estimate of Bitcoin reaching $100,000 indicates continued consolidation.

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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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