Despite GBTC Outflows, Spot Bitcoin ETFs Witnessed Inflows of $243 Million Yesterday

Yesterday marked a positive day for the cryptocurrency market as Bitcoin ETFs experienced a massive influx of $243 million, overshadowing the disappointing news of a $299 million outflow from the Grayscale ETF GBTC. This influx signals a renewed sense of trust from institutional investors in Bitcoin ETFs, coinciding with Bitcoin’s resurgence.
Among the top performers, BlackRock’s IBIT ETF stole the spotlight with an impressive $323 million inflow, closely followed by ARK Invest & 21Shares’ ARKB, which secured a cool $200 million. Bitcoin flirted with the $72,000 threshold, enticing investors who eagerly embraced the opportunity. Farside Investors provided an interesting insight by revealing that the ARK 21Shares Bitcoin ETF experienced an inflow four times its average daily rate since its debut in the market on January 11.
Valkyrie, Invesco Galaxy, Franklin, and VanEck’s Bitcoin ETFs also witnessed significant activity, with inflows ranging from $1.9 million to $5.1 million. WisdomTree and Fidelity attracted $1.5 million in inflows each.
Larry Fink, the CEO of BlackRock, expressed his astonishment at the remarkable performance of their spot Bitcoin ETF, IBIT. Boasting the fastest growth rate in ETF history, IBIT amassed an impressive $13.5 billion in just 11 weeks. On March 12 alone, it experienced an inflow of $849 million, a truly unprecedented achievement according to experts.
During an interview, Fink shared his thoughts on the matter, stating, “We are now establishing a market with enhanced liquidity and transparency, and I must admit that I am pleasantly surprised. I could not have predicted the level of retail demand when we initially filed for this ETF.”
When asked if he had anticipated the success of IBIT, Fink admitted to expecting positive results but not to this magnitude. He further expressed his bullish stance on Bitcoin, deeming it the most promising asset he currently monitors.
Tags: Bitcoin ETF