CDS Crypto News Inflows into Bitcoin ETFs surge to 562 million Dollars as BTC price targets new all-time high
Crypto News

Inflows into Bitcoin ETFs surge to 562 million Dollars as BTC price targets new all-time high

Bitcoin exchange-traded funds (ETFs) attracted over half a billion dollars in net inflows, surpassing the current market supply of Bitcoin by a factor of 10.

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Inflows into Bitcoin ETFs surge to 562 million Dollars as BTC price targets new all-time high

Crypto News– On March 4th, United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a notable surge in net inflows, totaling $562 million, coinciding with Bitcoin’s price breaching $68,000 and inching closer to its all-time high of approximately $69,000. This day marked the third-largest influx into spot Bitcoin ETFs since their inception on January 11th.

Inflows into Bitcoin ETFs surge to 562 million Dollars as BTC price targets new all-time high

Despite several smaller players and the Grayscale Bitcoin Trust (GBTC) witnessing outflows, the notable inflows persisted. GBTC, for instance, observed $368 million in outflows on the same day. Leading the influx were BlackRock’s iShares Bitcoin Trust, which recorded $420 million, closely followed by Fidelity’s Wise Origin Bitcoin Trust with $404 million.

Remarkably, the net inflows into spot Bitcoin ETFs on March 4th were ten times the amount of new Bitcoin generated through mining activities. Trading volume for spot Bitcoin ETFs reached a peak of $5.5 billion, making it the second-highest volume day since their introduction. This surge in trading activity, coupled with institutional demand, indicates that spot Bitcoin ETFs, exchange-traded products, and trackers now manage approximately 1 million BTC, accounting for roughly 5.13% of the total circulating Bitcoin supply. Notably, nearly 83% of this 1 million BTC is under the management of U.S.-based spot and futures ETFs, as highlighted in a report published by K33 Research.

Inflows into Bitcoin ETFs surge to 562 million Dollars as BTC price targets new all-time high

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