On March 5, the BlackRock iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) experienced its highest daily inflows, reaching $788 million. This surpasses its previous all-time high of $612.1 million on Feb. 28.
The Bitcoin ecosystem achieved two significant milestones on March 5: a new all-time high (ATH) price of $69,324 and a surge in spot Bitcoin ETF investments in the United States.
Data from investment management company Farside indicates total inflows of $648.3 million on the day Bitcoin reached its ATH. Among the 10 approved ETFs, only the Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF experienced net outflows of $332.5 million and $14.2 million, respectively, on March 5.
The day’s net inflows were primarily driven by IBIT, supported by the Fidelity Wise Origin Bitcoin Fund and other ETFs. IBIT and FBTC have historically brought in the largest inflows to the ecosystem and have never reported net outflows.
The Bitcoin ETF ecosystem has amassed $8.5 billion in net inflows to date, despite GBTC’s consistent outflows, which now total $9.6 billion. GBTC’s Bitcoin holdings have decreased by 33% since its conversion to an ETF.
Supported by significant investments and a bullish market, the combined trading volume of U.S.-based spot Bitcoin ETFs exceeds $10 billion to date. Bloomberg ETF analyst Eric Balchunas describes these numbers as remarkable for ETFs under two months old.
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