Fidelity's Bitcoin ETF recorded its largest daily profit in the last two weeks and leads the pack with a daily influx of $279 million.
Flowing Capital into American Spot Bitcoin ETFs
After a five-day period of consecutive net outflows, fresh capital is returning to American spot bitcoin exchange-traded funds (ETFs). This marks a significant turnaround after recent market turbulence, during which some ETFs experienced declines.
Strong Inflows into ETFs from Blackrock and Fidelity
Ten recently approved spot bitcoin ETFs, including those from Blackrock and Fidelity, recorded a combined net inflow of $418 million on March 26, according to data from Farside Investors. This influx of capital signals increased investor confidence in these financial instruments.
Fidelity's Largest Daily Inflow Since March 13
Fidelity's fund recorded its largest daily inflow since March 13, reaching $279.1 million on March 26, with the investment giant acquiring an additional 4,000 BTC. This is a positive sign for Fidelity and indicates strong demand for its bitcoin ETF.
Other ETFs Also Experienced Inflows
The Ark 21Shares Bitcoin ETF had its best day since March 12, while other ETFs like Invesco Galaxy, Franklin Templeton, and Valkyrie saw inflows exceeding $26 million into their respective funds. This indicates an overall trend of increasing interest in bitcoin ETFs.
Grayscale Bitcoin Trust Continues to Bleed
Grayscale's Bitcoin Trust (GBTC) continues to bleed, recording a daily outflow of $212 million. This outflow of capital from GBTC suggests that investors are seeking alternatives and transitioning to other bitcoin investment products, such as spot ETFs.
Bloomberg's Insights on Bitcoin ETFs
In a post on March 26, Bloomberg's senior ETF analyst Eric Balchunas noted the presence of bitcoin ETFs in the chart of the top 30 largest asset funds during the first 50 days of trading. This trend indicates bitcoin ETFs have a strong position in the market and are quickly gaining popularity among investors.
New Market Participant: Hashdex
Hashdex, a crypto asset management company, claimed its spot as the eleventh spot bitcoin ETF issuer in the United States on March 26, after announcing the conversion of its futures fund into a spot product, now traded under the ticker DEFI. This move reflects growing competition and diversification in the bitcoin ETF market.
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