Spot Bitcoin ETFs Experience Record $1.05 Billion Daily Inflow as BTC Soared Past $73K

Spot Bitcoin ETFs saw a remarkable surge in net inflow on March 12, totaling $1.05 billion. This marks a new high for daily net inflow since the ETFs’ inception, demonstrating a massive 56% rise from the $673 million net inflow recorded on February 28.

The new milestone comes as Bitcoin bulls captured another all-time high above $73K.

Bitcoin ETFs Smash Records

Notably, Blackrock led the charge with its iShares Bitcoin Trust’s (IBIT) record-breaking $849 million inflow, signaling continued institutional confidence in the crypto market.

Translating this data into Bitcoin terms, a staggering 14,706 BTC flowed into ETFs on that single day, further highlighting the growing adoption of the digital asset. This influx propelled the total net inflow since January 11, 2024, to an impressive $4.1 billion, underscoring Bitcoin’s appeal as an investment asset.

[1/4] Bitcoin ETF Flow – 12 March 2024

All data in. Record day with over $1 billion of net inflow. Blackrock with a record $849 million of inflow pic.twitter.com/dKFmM3Qvaa

— BitMEX Research (@BitMEXResearch) March 13, 2024

Next up was ARK 21Shares Bitcoin ETF (ARKB) with $93 million inflows, followed by Fidelity’s FBTC spot bitcoin ETF (FTBC) and Bitwise Bitcoin ETF (BITB) with $51.6 million and $24.6 million, respectively, on the same day.

Valkyrie ‘BRRR’ saw $39.6 million while the WisdomTree Bitcoin Fund (BTCW) settled with $3 million during the same period.

Meanwhile, VanEck’s HODL recorded a whopping $82.9 million inflows. The uptick follows VanEck’s announcement of a temporary reduction in the management fee for its spot Bitcoin ETF.

The fee, previously set at 0.2%, will be waived until March 31, 2025, unless the fund accumulates $1.5 billion in assets before that deadline. This move aims to boost the fund’s appeal, especially considering its assets lag behind those of its rivals.

Grayscale Bitcoin Trust (GBTC) Outflow Reduces

The Grayscale Bitcoin Trust (GBTC) has seen a significant change in investor sentiment, as evidenced by a decrease in outflows on March 12. Data indicated that outflows dipped significantly to only $79 million on that day, in stark contrast to the outflows witnessed in the weeks prior.

Interestingly, BitMEX Research flagged a record outflow on March 11 when GBTC witnessed $494 million worth of BTC leaving the fund.

Amid intense competition from its rival players, asset management giant Grayscale filed an S-1 form with the US Securities and Exchange Commission (SEC) to introduce the Grayscale Bitcoin Mini Trust, a scaled-down version of a Bitcoin ETF Alongside tax benefits, this new offering also aims to mitigate outflows

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