Spot Bitcoin ETF Market Report for March 13: BlackRock and Fidelity Breaking Boundaries!

• Amidst this flow, the broader U.S. Bitcoin ETF saw a significant influx of around $700 million, reflecting strong interest from institutional players.
• It’s important to note that several market experts attribute the recent strong inflows to the U.S. Spot Bitcoin ETF to the increased interest in Bitcoin due to the recent rally in its price.
• As previously reported by COINOTAG, the U.S. Spot Bitcoin ETFs saw a net inflow of $1.05 billion, fed by the second-highest volume day for 10 Bitcoin ETFs on March 12.

While Bitcoin’s price struggles to stay above $73,000, demand for the spot Bitcoin ETF in the U.S. is steadily increasing: March 13 report!

Competition Intensifies in the U.S. Spot Bitcoin ETF Market

The U.S. Bitcoin ETF market experienced a significant surge on March 13, 2024, led by BlackRock’s IBIT and Fidelity’s FBTC, attracting a total of nearly $870 million. Particularly within this flow, the broader U.S. Bitcoin ETF saw a significant influx of around $700 million, reflecting strong interest from institutional players.

It’s important to note that several market experts attribute the recent strong inflows to the U.S. Spot Bitcoin ETF to the increased interest in Bitcoin due to the recent rally in its price. According to Farside Investors’ report, the U.S. Spot Bitcoin ETF recorded an influx of $684.7 million on Wednesday, March 13.

In particular, the robust inflows continuing this week highlight the strong interest of Wall Street players in the cryptocurrency during Bitcoin’s unprecedented rally. Meanwhile, BlackRock’s IBIT and Fidelity’s FBTC stood out in the Bitcoin ETF race with a combined influx of nearly $870 million. Specifically, BlackRock’s IBIT received an influx of $586.5 million on Wednesday, while Fidelity’s FBTC recorded an impressive influx of $281.5 million.

However, there was a decrease in inflows into the VanEck Bitcoin ETF (HODL), dropping from $82.9 million on the previous day to $16.5 million. However, following VanEck’s decision to reduce fees on assets up to the first $1.5 billion from 0.20% to 0.0% until March 2025, the ETF recorded significant inflows of over $200 million in the first two days of the week.

In contrast, outflows from Grayscale’s Bitcoin ETF (GBTC) increased once again, reaching $276.5 million after the previous day’s outflow of $79 million.

Bitcoin Price Increases Amid Market Optimism

The U.S. Spot Bitcoin ETF also marked its highest net inflow in a single day since its launch on March 12. As previously reported by COINOTAG, the U.S. Spot Bitcoin ETFs saw a net inflow of $1.05 billion, fueled by the second-highest volume day for 10 Bitcoin ETFs on March 12.

These developments coincide with a new high in Bitcoin’s price, further highlighting the increasing interest of Wall Street players in the cryptocurrency market. Analysts attribute the increase in ETF inflows to the recent Bitcoin price rally and indicate the growing institutional interest in digital assets.

At the time of writing, Bitcoin’s price increased by 1.35% to reach $73,400, while yesterday’s trading volume decreased by 20.73% to $48.36 billion. Meanwhile, the cryptocurrency reached a new high of $73,641.04 today, while dropping to $71,720.18 in the last 24 hours.

Notably, while the BTC price has nearly doubled in the past 30 days, the weekly gain is approximately 11%.