The United States has achieved a significant milestone in the spot Bitcoin exchange-traded funds (ETFs) market. These ETFs have attracted over $1 billion in net inflows for the first time on March 12. In the past 13 days, investments in spot Bitcoin ETFs have surged, with daily inflows reaching $11.1 billion. On March 12, the biggest daily inflow of $1.045 billion was observed, largely due to BlackRock’s iShares Bitcoin ETF (IBIT). IBIT alone accounted for $849 million, while other ETFs such as ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) contributed smaller amounts of $93 million, $82.9 million, and $51.6 million, respectively.
The massive inflows into Bitcoin ETFs, along with the ongoing bull run, have led to a significant increase in the daily inflows of capital stored in the Bitcoin network, which now stands at $2 billion per day. This is another important milestone for the Bitcoin ecosystem. The market price of Bitcoin has reached a new high of $73,000.
Among the approved Bitcoin ETFs in the U.S., Franklin Bitcoin ETF (EZBC) has recorded the lowest inflows to date, with $148 million. IBIT holds the majority of the market share with $11.4 billion. The net inflow is negatively affected by the Grayscale Bitcoin Trust (GBTC), which has experienced consistent daily outflows. Over the past 13 days, GBTC has lost a total of $11.1 billion. As a result, Grayscale’s GBTC market share has fallen below 50% for the first time since the spot Bitcoin ETFs began trading on Jan. 11. Initially, Grayscale’s fund accounted for approximately 99.5% of the total assets under management (AUM) of the 10 U.S. spot Bitcoin ETFs. The sustained daily outflows, averaging $329 million per day last week, have gradually reduced GBTC’s market share over time.
GBTC may be losing market share, but it’s all part of the natural evolution of the market. Change brings new opportunities for investors!
I don’t understand why people are so obsessed with Bitcoin. It’s just a digital currency.