Historic Milestone: U.S. Bitcoin Spot ETFs See $1 Billion Net Inflow in a Single Day

U.S. Bitcoin spot ETFs reached another significant milestone since their introduction in January 2024.

According to data from BitMEX Research, the ten funds available on the market recorded a net inflow that exceeded $1 billion on March 12, 2024.

BlackRock’s $iBIT led the pack with an impressive net inflow of over $849 million during the 24-hour period. Ark Invest’s $ARKB followed closely and was the second-largest net inflow with $93 million, while VanEck recorded $82.9 million in net inflows.

As of now, BlackRock stands as the second-largest spot Bitcoin ETF issuer in the United States in terms of assets under management, boasting an impressive $15.42 billion worth of Bitcoin tokens. Although this is a substantial amount, it still falls short by about $12 billion compared to Grayscale, a veteran player in the asset management industry.

Meanwhile, Grayscale’s iShares Trust continued its trend of noteworthy outflow of assets since January. The ETF recorded outflows surpassing $79 million during the same 24-hour period.  

Analysts have speculated that these considerable outflows may indicate investors liquidating their assets, exploring alternative investment opportunities, or exiting the market altogether. 

The surge in net inflows for spot Bitcoin ETFs coincides with Bitcoin’s sustained growth and attainment of new all-time high prices. Substantial inflows into spot ETF portfolios like BlackRock have been described as key indicators of increasing investor interest in Bitcoin. 

Bloomberg ETF Analyst Eric Balchunas has highlighted the underwhelming performance of Gold ETFs in February 2024 and suggested there is a global shift among investors from traditional assets like Gold, Silver, and Oil towards the increasingly favoured cryptocurrency, Bitcoin, marking it as the potential next big trend in the investment landscape.

Bitcoin is currently trading at prices around $73,000, according to data from CoinMarketCap. 

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