Bitcoin ETF inflows hit $562 million as BTC price eyes new high
The spot Bitcoin exchange-traded funds (ETF) net inflow hit $562 million on March 4, adding another half a billion to the ETFs on a day when BTC price breached $68,000 with all-time highs under 1% away. This marked the third-largest inflow for BTC since they started trading on Jan. 11.
The Monday ETF net inflow might not be the largest, owing to outflows from multiple smaller players and Grayscale Bitcoin Trust (GBTC). However, considering $368 million in outflows from GBTC, the half-a-billion net inflow indicates a continued strong institutional demand. BlackRock’s IBIT recorded the largest inflow with $420 million, followed by Fidelity’s FBTC with $404 million. The net inflow into spot Bitcoin ETF is 10 times the number of new miners added daily.
Bitcoin ETF trading volume on Monday peaked at $5.5 billion, making it the second-highest volume day since launch. The high trading volume and institutional demand are also evident from the fact that institutional Bitcoin ETFs, ETPs, and trackers now handle 1 million BTC or about 5.13% of the total BTC circulating supply.
Related: Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes
Bitcoin ETFs started trading in the second week of January, and within two months have seen a net inflow of $7.5 billion worth of BTC despite over $9 billion worth of assets in the outflow. BlackRock’s IBIT ETFs have already reached $10 billion, while gold ETFs took nearly two years to reach that figure.
Bitcoin ETFs might see increased demand in the coming days, with BlackRock filing to purchase BTC for its Strategic Income Opportunities Fund. With the Bitcoin halving scheduled for next month, the BTC daily supply will be reduced to half despite a 10x greater demand in the current market, indicating a high supply-demand imbalance that could act as a catalyst for BTC price during the bull run.
The latest $500 million plus net inflow for spot Bitcoin ETFs came when the BTC price breached $68,000. It is currently just under $1,000 shy of the all-time high of the last price cycle.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Chinese Analyst Assesses Ethereum’s Status, Says “Whales Have Run Out of Purchasing Power” – Here’s What He Expects
Chinese cryptocurrency analyst phenomenon Murphy evaluated the latest status of Ethereum in his statement. Here are the details.
Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns
The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics
BTC Short Position by ETH Whale Nears $332M
A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Pakistan Launches Crypto Council Led by Finance Minister
Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Trending news
MoreCrypto prices
More








