United

Bitcoin ETF

Spot

Spot Bitcoin ETFs set another record, witnessing the highest single-day net inflow since the launch of Bitcoin ETF in the United States. The record net inflow of over $1 billion helped Bitcoin rebound from a decline after hotter <a href="https://coingape.com/us-cpi-comes-in-hotter-3-2-bitcoin-price/" target="_blank" rel="noopener">CPI</a> inflation data and hit a new all-time high of $73K. 
<h2 id="spot-bitcoin-etf-records-1-05-billion-new-inflow">Spot Bitcoin ETF Records $1.05 Billion New Inflow</h2> 
Net inflow into spot Bitcoin exchange-traded funds (ETF) reaches $1.05 billion on March 12, according to data by SoSoValue. The massive inflow came on the back of the second-highest volume day for the 10 Bitcoin ETFs. In fact, it was the best day in the past five weeks, with $8.5 billion. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GIf6yVcXgAAmM15?format=png&amp;name=4096x4096" alt="Image" width="776" height="391"> 
Bloomberg senior ETF analyst Eric Balchunas said only five stocks have recorded higher trading volumes than $8.5 billion. BlackRock’s iShares Bitcoin ETF (IBIT) nearly $4 billion in volume, VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) recording $150 million and $250 million volumes indicate huge demand in other ETFs. VanEck recently cut its Bitcoin ETF management fees to 0% for the next twelve months. 
BlackRock’s iShares Bitcoin ETF (IBIT) saw $849 million inflow, breaking records of the highest inflow to date. Following the latest inflow, BlackRock’s net inflow hit over $11.44 billion and asset holdings <a rel="nofollow" href="https://www.ishares.com/us/products/333011/ishares-bitcoin-trust" target="_blank">jumped</a>&nbsp;over $14.5 billion. 
Fidelity Bitcoin ETF&nbsp;(FBTC) and&nbsp;Ark 21Shares (ARKB) Bitcoin ETF saw $51.6 million and $93 million inflows, respectively. Bitwise (BITB) and other spot Bitcoin ETFs saw marginally low inflows. VanEck Bitcoin ETF (HODL) saw an inflow of $82.9 million due to 0% fees amid higher competition. 
In addition, GBTC recorded another outflow of $79 million, a welcomed fall indicative of Genesis’ GBTC selloffs reaching the end. Crypto lender&nbsp;<a href="https://coingape.com/genesis-cleared-to-sell-1-3b-gbtc-shares-will-btc-tank/" target="_blank" rel="noopener">Genesis</a> received bankruptcy court approval to sell 35 million GBTC shares worth $1.3 billion. Notably, GBTC net outflow to date has reached over $11.12 billion. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GIh2r6Qb0AA9Xb8?format=jpg&amp;name=4096x4096" alt="Image" width="801" height="329"> 
Also Read: <a href="https://coingape.com/bitcoin-leveraged-bets-surge-amid-strong-demand-for-bitcoin-futures-etfs/" target="_blank" rel="noopener">Bitcoin Leveraged Bets Surge Amid Strong Demand for Bitcoin Futures ETFs</a> 
<h2 id="bitcoin-price-hits-73k">Bitcoin Price Hits $73K</h2> 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> jumped over 2% in the past 24 hours to hit a new all-time high, with the price currently trading at $73,067. The 24-hour low and high are $68,728 and $73,182, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a rise in interest among traders. 
Bitcoin futures and options open interests (OI) remain at record levels, with total futures OI rising over 3% to $36.97 billion, as per Coinglass data. CME Bitcoin futures OI hits new record high $11.47 billion. <a href="https://coingape.com/trending/top-reasons-why-bitcoin-price-will-hit-100k-soon/" target="_blank" rel="noopener">Bitcoin price to $100K</a> prediction remains intact despite sentiment towards consolidation due to sky-high funding rates. 
Also Read: <a href="https://coingape.com/ethereum-put-options-demand-surges-eth-price-correction-soon/" target="_blank" rel="noopener">Ethereum Put Options Demand Surges, ETH Price Correction Soon?</a> 
The post <a href="https://coingape.com/bitcoin-price-spot-bitcoin-etf-saw-record-net-inflow-1-05-billion/">BTC Price Hits $73K As Spot Bitcoin ETF Saw Record $1.05 Billion Net Inflow</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BTC Price Hits $73K As Spot Bitcoin ETF Saw Record $1.05 Billion Net Inflow

Table of Contents

Coingape News Media

Other articles published on Mar 13, 2024

Guilty Verdict: Crypto Mixing Service Founder Laundered $400 Million In Dark Web Drug Trade

BEFE Coin’s Meteoric Rise: What’s Behind Today’s Trending Sensation?

ORN Token Community Decides on a Name Change

Thailand approves crypto tax break to boost its digital economy

Toncoin Hits All-Time High! Further Growth Incoming?

Nakamoto Games Forges Strategic Partnership with AIOZ Network

Join our free newsletter for daily crypto updates!