Key Points
- Spot Bitcoin ETFs experienced an influx of over $562 million on March 4.
- BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund led the inflows.
Spot Bitcoin Exchange-Traded Funds (ETFs) began the week robustly, recording over $562 million in inflows. This impressive performance coincided with a market surge of 21% for Bitcoin (BTC) over the past week.
The latest update on Bitcoin ETF market capital flows was disclosed by BitMEX Research. The data confirmed that the market experienced an influx of 8,377 BTC tokens, valued at $562.7 million, on March 4. This occurred despite the Grayscale Bitcoin Trust (GBTC) continuing its trend of capital outflows.
Leading the Charge
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) were the major contributors to this influx. IBIT recorded a 6,224 BTC inflow worth $420 million, and FBTC followed closely with an impressive 5,994 Bitcoin influx valued at $404.6 million.
BitMEX Research additionally noted that while larger products performed well, less popular options experienced outflows. GBTC saw the largest outflow, totaling 5,451 BTC or $368 million.
Market Performance
The recent cumulative inflow contrasts with a $192 million negative flow recorded last Friday, largely triggered by GBTC’s significant $492 million outflow. Following the latest $562 million inflows, total cumulative flows to these spot Bitcoin ETFs have surged to $7.915 billion since January 11.
The market has consistently reached new heights in capital flows and trade volume. Notably, these products recorded two consecutive record highs in 24-hour volumes on February 25 and 26, with the latest figure standing at $7.64 billion.
In light of this success, BlackRock plans to expand its offering. It recently partnered with the B3 stock exchange in Brazil to make its IBIT accessible to Brazilian investors. A filing with the U.S. SEC confirmed BlackRock’s intention to purchase more spot Bitcoin ETFs.
Meanwhile, Bitcoin has continued to record substantial gains over the past two weeks. This increase in demand is driven by spot Bitcoin ETFs and investor speculation. The asset recaptured $68,000 today but faced a rejection that has dropped it to a current price of $66,724.
