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As the spot Bitcoin ETF market deepens adoption, more institutional investments have gone into BlackRock's IBIT sending its AUM to $10 billion
STORY HIGHLIGHTS
Spot Bitcoin ETF products recorded massive inflows through BlackRockBlackRock's IBIT has surged to a $10B AUMBitcoin's price is in correction mode as profit taking moves loom
As of the close of trading on February 29, the spot Bitcoin ETF market was saved by the massive inflows registered by iShares Bitcoin Trust (IBIT), the offering linked to the leading investment asset management firm BlackRock. 
BlackRock’s Inflows Counterbalance Grayscale’s Outflows

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Grayscale had a whopping $598.9 million in outflows on Thursday, a move that if not cushioned, would have crashed the spot Bitcoin ETF market significantly. This counterbalancing was provided by BlackRock’s IBIT which recorded a total of $604 million in inflows, sufficiently negating the impact of the huge fall from GBTC. Consequently, the total net inflows for all the ten spot Bitcoin ETFs were quite weak.
Collectively, the net inflows was brought to approximately $92 million. Notably, Grayscale’s GBTC outflows from Thursday happen to be the second largest that the firm has seen since the United States Securities and Exchange Commission (SEC) approved its Bitcoin ETF as well as those from other issuers. 
The outflow is suspected to be linked with Genesis’s decision to sell off its $1.3 billion worth of GBTC after receiving clearance from the court. Despite what the sentiment might be, BlackRock’s inflow confirms that there is still a growing interest from institutional investors who want to gain exposure to Bitcoin. 
BlackRock’s Spot Bitcoin ETF Hitting Multiple Milestones

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Many market observers had expected the $10 billion threshold for a very long time, especially after considering the volumes of inflows that BlackRock registers on a daily basis. Earlier this week – February 27 – the spot Bitcoin ETF recorded a massive $520M inflow from a net inflow of $577 million and at the time, this came of as the largest inflow. 
By February 28, IBIT took it a notch further with an inflow of $612 million. Till date, this remains the largest inflow for the BlackRock spot Bitcoin ETF. With the asset manager hitting milestones, it is obvious that BlackRock is performing better than was predicted.
Generally, it is believed that the growth of the spot Bitcoin ETF is responsible for the recent price rally of the flagship cryptocurrency Bitcoin. The price of the coin has surpassed $60,000 as it is conveniently sitting at $61,790.37 even with a 1.98% decrease within the last 24 hours. The rise may be a driver for investors who intend to take in some profits, capitalizing on the momentum of the asset thus far.

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Since inception, the spot Bitcoin ETF offering from the duo of BlackRock and Fidelity Investments have stacked up 79% of total inflow

STORY HIGHLIGHTS
Spot Bitcoin ETF inflows from BlackRock and Fidelity has topped 79% of totalThe spot Bitcoin ETF market hype has driven the price of BTC upwardCompetition among issuers have triggered unique fee slash
Bitcoin price is going over the roof, with its growth triggered by the likes of BlackRock and Fidelity Investment, both of whom are currently leading other spot Bitcoin ETF issuers in terms of inflows.

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BlackRock and Fidelity Inflows Soars
BlackRock Inc’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have outperformed their counterparts in the spot Bitcoin ETF market. Both investment asset management firms collectively grabbed 79% of the entire inflow registered in the spot Bitcoin ETF ecosystem since inception. 
Since January when the United States Securities and Exchange Commission (SEC) approved the offering, BlackRock’s IBIT alone has captured inflows of a total of approximately $7.8 billion. It is followed closely by Fidelity’s FBTC with $4.8 billion in inflows. 
The other seven spot ETF issuers from the “Newborn Nine” as they are referred to, have registered only $3.4 billion, less than 50% of Blackrock’s inflows.
Slashing Spot Bitcoin ETF Fees to Gain Market Shares
A few of these spot Bitcoin ETF issuers have made some changes including cutting down on sponsor fees, enhancing their products, and facilitating adoption. They are looking at gaining a large percentage of the market by slashing their fees below those of the two market leaders, BlackRock and Fidelity. 

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Last month, VanEck submitted a filing with the United States SEC detailing its intention to reduce the sponsor fee for its spot Bitcoin ETF by 5 bps. This meant that the spot Bitcoin ETF issuer aimed to move from a 0.25% sponsor fee to 0.20%. Similarly, Valkyrie Investment moved to halve its fee to 0.25% from 0.49%.
Even Grayscale, whose CEO Michael Sonnenshein had once boasted about its high 1.5% sponsor fee, is considering lowering its fees after it experienced more than $7 billion in outflows. Currently, Franklin Templeton’s EZBC has the lowest sponsor fee but this has not done so much to drive attention towards it. So far, Bitwise seems to be the only spot Bitcoin ETF issuer that has made no adjustments to its fees as it remains at 0.20%.
BlackRock and Fidelity’s inflow jamboree has probably contributed to the progressive rally of Bitcoin price. The coin has surpassed $63,000 and is still signaling a bullish sentiment. At the time of this writing, Bitcoin was trading at $62,156.93, up 0.63% in the past 24 hours.
While there are projections that more rallies are in view, investors might possibly force a correction due to profit taking in the short term.

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Contrary to the popular belief that Bitcoin and gold prices are increasingly correlated, Duke expressed a skeptical attitude.Duke emphasized that Bitcoin’s price movements are primarily directed by external market factors rather than its own news flow.A significant topic discussed in the interview was the approval process of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).
Bradley Duke, founder and Chief Strategy Officer of ETC Group, evaluates the factors influencing the rise in Bitcoin’s price.
Bitcoin Review from the Founder of ETC Group

Bradley Duke, Founder and Chief Strategy Officer of ETC Group, discussed the factors influencing the rise in Bitcoin’s price during an interview with Thomas Warner from Proactive Investors on December 6, 2023. The discussion revolved around the recent rally that propelled Bitcoin’s price above $44,000.
ETC Group is a financial services company that offers a range of cryptocurrency-based investment products, allowing investors exposure to Bitcoin, Ethereum, and other digital assets through traditional investment channels. The company typically provides physically backed crypto ETPs, where each ETP share is supported by a specific amount of the underlying cryptocurrency. This arrangement provides investors with a way to invest directly in crypto assets without the need for direct investment, custody, and secure storage.
The company aims to bridge the gap between traditional financial markets and the emerging digital asset space. By offering products listed on major exchanges, ETC Group caters to institutional and retail investors interested in cryptocurrencies but who prefer the regulatory protections and ease of trading associated with traditional securities.
Duke addressed the factors contributing to the recent increase in Bitcoin prices. Contrary to the popular belief that Bitcoin and gold prices are increasingly correlated, Duke expressed a skeptical attitude. He observed that Bitcoin and gold have recently been moving more independently. Duke highlighted that Bitcoin’s price movements are primarily directed by external market factors rather than its own news flow.
Spot Bitcoin ETFs
A crucial topic discussed in the interview was the approval process of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Duke emphasized this as a critical element in the crypto narrative, stating that the expectations and developments around these ETFs influence market sentiment and shape the valuation of Bitcoin.
Duke also spoke about the impact of the renewed interest in Bitcoin on ETC Group. He mentioned that this resurgence coincides, especially in Europe, with increasing interest from established institutions. According to Duke, these institutions are now starting to explore and allocate resources to the crypto space.
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