Bitcoin ETF

Bitcoin

Propel

Bitcoin (BTC) surged to a new All-Time High (ATH), the third within the space of one month, hitting $73,637.47 as spot Bitcoin exchange-traded funds (ETFs) experienced a record-breaking net inflow of over $1.05 billion on March 12.
<h2 id="b-spot-bitcoin-etfs-witness-unprecedented-inflows-b">Spot Bitcoin ETFs Witness Unprecedented Inflows</h2>
This surge is attributable to the largest daily net inflow since the introduction of Bitcoin ETFs in the United States, aiding Bitcoin’s recovery from a downturn prompted by elevated CPI inflation figures.
Data from SoSoValue indicates that the substantial surge in investments into spot Bitcoin ETFs coincided with the second busiest trading day for the 10 Bitcoin ETFs, amassing a total of $8.5 billion. Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that only five stocks have experienced greater trading volumes than this milestone.
<h2 id="b-blackrock-s-ishares-bitcoin-etf-leads-the-charge-b">BlackRock’s iShares Bitcoin ETF Leads the Charge</h2>
The iShares Bitcoin ETF (IBIT) by BlackRock spearheaded the trend, attracting an impressive $849 million influx, surpassing prior benchmarks. Consequently, BlackRock’s overall net inflow surged to over $11.44 billion,<a href="https://www.ishares.com/us/products/333011/ishares-bitcoin-trust" rel="noopener noreferrer nofollow"> with assets under management exceeding $14.5 billion</a>.
Additionally, the VanEck Bitcoin ETF (HODL) experienced substantial inflows of $82.9 million subsequent to its announcement of a<a href="https://thecoinrise.com/vaneck-cuts-down-fees-on-spot-btc-etf-details/" rel="noopener noreferrer nofollow"> 0% management fee for the ensuing twelve months</a>.
Other notable inflows include Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF, which garnered $51.6 million and $93 million, respectively. In contrast, Bitwise (BITB) and other spot Bitcoin ETFs experienced relatively smaller inflows.
In the interim, GBTC experienced a $79 million outflow, marking the conclusion of Genesis’ GBTC sell-offs. Genesis, a crypto lender, obtained approval from the bankruptcy court to sell 35 million GBTC shares valued at $1.3 billion, adding to<a href="https://thecoinrise.com/grayscale-btc-etf-records-lowest-outflows-since-debut/" rel="noopener noreferrer nofollow"> GBTC’s cumulative net outflow</a> surpassing $11.12 billion thus far.
<h2 id="b-bitcoin-ath-price-trajectory-b">Bitcoin ATH Price Trajectory</h2>
The current trading price of Bitcoin at $73,067 highlights a 2% surge in its value over the last 24 hours, indicating growing trader interest. This sustained interest has propelled<a href="https://thecoinrise.com/bitcoin-overtakes-silver-soars-to-8th-place-in-global-asset-market-cap/" rel="noopener noreferrer nofollow"> Bitcoin to become the eighth most valuable asset</a> worldwide.
Despite sentiments towards consolidation due to sky-high funding rates, predictions of Bitcoin’s price reaching $100,000 remain intact, fueled by the recent surge in institutional interest and record-breaking inflows into Bitcoin ETFs. Despite the current boost, market experts believe the premier coin is just getting started with projections reaching as high as $1 million according to Samson Mow, Jan3 founder.
The post <a href="https://thecoinrise.com/record-bitcoin-etf-inflows-propel-btc-to-new-ath-of-73637-47/" rel="noopener noreferrer nofollow">Record Bitcoin ETF Inflows Propel BTC to New ATH of $73,637.47</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Record Bitcoin ETF Inflows Propel BTC to New ATH of $73,637.47

Table of Contents

TheCoinrise Media

Other articles published on Mar 13, 2024

Dubai’s Financial center launches the World’s first digital assets law

Ripple’s XRP Experiences Surge and Setback in Market Transaction Frenzy

Crypto Market Price Analysis Today: Bitcoin (BTC), Solana (SOL), Avalanche (AVAX), XRP, ORDI

io.net unveils support for Apple Silicon Chip Clustering for machine learning

Crypto News: BTC Holds Firm at $72K Amid Toncoin Dual Rally

Bitcoin Fog crypto mixer founder guilty of money laundering, jury finds

Join our free newsletter for daily crypto updates!