BlackRock’s IBIT Beats Grayscale’s GBTC in This Important Metric Amid BTC ETF Excitement

Just one day after the spot Bitcoin ETFs achieved a notable milestone with a net inflow of $1.05 billion, BlackRock’s IBIT saw inflows exceeding the total outflows of Grayscale’s GBTC for the first time.

According to data compiled by SoSo Value, as of March 13th, IBIT’s cumulative inflow amounted to $12.03 billion, whereas GBTC’s cumulative outflows stood at $11.4 billion.

BlackRock’s IBIT Inflows Trump GBTC Outflows

BlackRock’s spot Bitcoin ETF – iShares Bitcoin Trust (IBIT) – has been one of the most popular investment vehicles since its approval two months ago enabling investors exposure to BTC’s price moves. It recorded net inflows of $586 million or 8,017 BTC on March 13th, pushing its total historical net inflow to above $12 billion.

The collective net influx into spot Bitcoin ETFs amounted to $683 million, while Grayscale’s GBTC observed a net outflow of $276 million or 3,779.9 BTC in a single day.

Meanwhile, Fidelity’s FBTC attracted $281.5 million in inflows, followed by ARK 21Shares’s ARKB with 44.6 inflows and Franklin Templeton’s EZBC with $19.1 million. VanEck’s HODL, on the other hand, raked in $16.5 million in inflows. The asset manager had recently slashed its fee to zero amidst heightened competition among competitors, resulting in inflows of $118.8 million just two days ago.

Bitwise’s BITB, Valkyrie ‘BRRR’, and WisdomTree’s BTCW settled for $5.6 million, $4.1 million, and $2.3 million respectively during the same period. There has been a total inflow of $11.8 billion since the ETFs were first greenlit by the US Securities and Exchange Commission on January 11th, 2024.

[1/4] Bitcoin ETF Flow – 13 March 2024

All data in. Another strong day, with $684m of net inflow pic.twitter.com/Bo4RBNOJ8Q

— BitMEX Research (@BitMEXResearch) March 14, 2024

The latest stats emerged just a day after the spot Bitcoin ETFs reached a record-breaking net inflow of $1.05 billion, as BTC surged to a new all-time high above $73,000.

Expert Opinions on Spot Bitcoin ETF

Bitcoin’s upward momentum was significantly driven by pent-up demand for spot Bitcoin ETFs. However, doubts persist regarding whether the initial surge in demand for these funds is sufficiently strong to keep the world’s largest crypto asset afloat.

Financial advisors are bullish but not surprised by the size of inflows of these funds that were reluctantly approved by the SEC this year. Bitwise CIO Matt Hougan, for one, believes the demand for spot Bitcoin ETFs is “widespread and strong and will persist for a while.”

According to JMP Securities, these funds might experience inflows of over $220 billion by 2027, potentially resulting in a fourfold increase in Bitcoin’s price to $288,000, given the multiplier effect on the new capital.

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