United

Bitcoin ETF

Grayscale Bitcoin Trust

The United States spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) exchange-traded funds (ETFs) achieved a new milestone after attracting more than $1 billion in net inflows for the first time on March 12.
Investments into spot Bitcoin ETFs continue to soar as daily inflows breached $11.1 billion over the last 13 days. On March 12, Bitcoin ETFs saw their biggest-ever daily inflow of $1.045 billion, chiefly contributed to by BlackRock’s iShares Bitcoin ETF (IBIT).
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/2941950a-0cb5-4945-b69c-e3ee3f33db63.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin spot ETF cumulative flows (in million dollars). Source:&nbsp;farside.co.uk
 </figcaption>
</figure>
IBIT accounted for $849 million of inflow, while ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD) and Fidelity Wise Origin Bitcoin Fund (FBTC) recorded a comparatively lower contribution of $93 million, $82.9 million and $51.6 million, respectively.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/4628bd55-97c6-499b-af49-af132d386ed0.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Spot Bitcoin ETF daily inflows and outflows. Source: farside.co.uk
 </figcaption>
</figure>
As a direct result of the massive inflows into the Bitcoin ETFs and a supporting bull run, the daily inflows of capital being stored by the Bitcoin network just hit $2 billion per day, marking yet another milestone for the ecosystem.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/17c3fe4f-f659-4099-9c83-545cba5ba977.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Daily inflow of capital stored on Bitcoin network exceeds $2 billion. Source:&nbsp;<a href="https://twitter.com/woonomic/status/1767696568143245451" target="_blank" rel="noopener nofollow">Willy Woo on X</a>
 </figcaption>
</figure>
In addition, the market price of Bitcoin reached a new high of $73,000 at the time of writing. 
Out of the approved Bitcoin ETFs in the U.S., Franklin Bitcoin ETF (EZBC) recorded the lowest inflows at $148 million to date, while IBIT holds the lion’s share at $11.4 billion. On the other end of the spectrum, the Grayscale Bitcoin Trust (GBTC) brings down the net inflow on a daily basis. In total, GBTC shed $11.1 billion over the last 13 days.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-surges-crypto-etfs-notch-record-weekly-inflows">Bitcoin surges after crypto ETPs notch record $2.7B weekly inflows</a>
Grayscale’s GBTC&nbsp;<a href="https://cointelegraph.com/news/grayscale-gbtc-bitcoin-etf-market-share-falls-50">fell below 50% market share for the first time</a> since spot Bitcoin ETFs began trading in the U.S. on Jan. 11. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/f60fe1ee-81a3-4cff-8385-24d52c62b605.png" alt="" title="">
 <figcaption style="text-align: center;">
 Grayscale’s GBTC fund accounts for less than 50% of the total Bitcoin ETF AUM. Source: Hildobby at Dune Analytics
 </figcaption>
</figure>
On the first trading day of the 10 U.S. spot Bitcoin ETFs, Grayscale’s fund accounted for around 99.5% of their total assets under management. However, consistent daily outflows from the GBTC — which averaged $329 million per day last week — have eaten away at the ETF’s market share over time.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/">Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions</a>

New record: Bitcoin ETFs hit $1B in daily inflow

Cointelegraph

Other articles published on Mar 13, 2024

Bitcoin Price Faces Big Move – Can Bulls Send BTC To $75K?

List of KYC free crypto exchanges is now live

Presale Pushd (PUSHD) Rockets Amid Filecoin (FIL) Bulls, Dogecoin (DOGE) Whale Buys Early Position

Breaking: Ethereum Dencun Upgrade Goes Live, ETH Price Sees Volatility

Billy McFarland raises just $400 in ETH for Fyre Festival sequel

5 Meme Coin Patut Dilirik Menurut Bittime, PEPE Sudah Terbang 700 Persen!

Join our free newsletter for daily crypto updates!