According to CryptoPotato, spot Bitcoin exchange-traded funds (ETFs) in the United States have resumed positive flows, marking the fourth consecutive day of net inflows and concluding March on a strong note. The total net inflow for spot Bitcoin ETFs reached $183 million on March 28. SoSo Value data shows that the latest figures contributed to a cumulative net inflow of almost $12.13 billion. BlackRock’s iShares Bitcoin ETF (IBIT) led the pack with more than $95 million net inflows, followed closely by Fidelity Wise Origin Bitcoin Fund (FBTC) with $69.09 million. Bitwise’s BITB and ARK 21Shares Bitcoin ETF (ARKB) recorded $67 million and $27.6 million in inflows, while VanEck’s HODL settled with inflows of $20 million.
However, the Grayscale Bitcoin Trust (GBTC) continued to witness net outflows, shedding nearly $105 million from its product, the lowest since March 12th. This comes after a minor setback with five consecutive days of outflows from spot Bitcoin ETFs from March 18th to 22nd. During this time, Bitcoin briefly plunged below $63,000, sparking concerns among market participants. The rebound to $70,000 improved market sentiment, with the ETF space seeing increased demand and an influx of new players. Earlier this week, crypto asset management firm Hashdex announced plans to convert its futures fund, 'Hashdex Bitcoin Futures ETF,' to a spot Bitcoin ETF called 'Hashdex Bitcoin ETF' under the ticker 'DEFI' in partnership with Tidal Investments LLC. With this development, HashDEX has become the eleventh player to enter the competitive landscape, largely controlled by two major players – BlackRock and Fidelity. In a recent Fox Business interview, BlackRock CEO Larry Fink expressed his pleasant surprise regarding the performance of the spot Bitcoin ETF offered by his firm. He reaffirmed his strong optimism about the leading crypto asset’s long-term prospects and highlighted that he is 'very bullish' on its viability. Fink added that he was taken aback by the impressive performance of the iShares Bitcoin Trust (IBIT), especially during the initial 11 trading weeks, and said that the fund has exceeded his expectations.
