Bitcoin ETF inflows hit $562M as BTC price eyes new ATH.
Bitcoin ETFs see over half a billion dollars in net inflows, outpacing the current market supply of Bitcoin 10 times.
United States-based spot Bitcoin exchange-traded funds (ETF) saw net inflows of $562 million on March 4, as the BTC price breached $68,000, with the cryptocurrency’s edging ever closer to its all-time high of about $69,000. This marked the third-largest day of inflows to spot Bitcoin ETFs since they started trading on Jan. 11.
The March 4 inflows came despite outflows from multiple smaller players and the Grayscale Bitcoin Trust (GBTC). GBTC saw $368 million in outflows on the day. BlackRock’s iShares Bitcoin Trust recorded the largest inflows of $420 million, followed by Fidelity’s Wise Origin Bitcoin Trust at $404 million. The net inflows into spot Bitcoin ETFs on the day were 10 times the amount of new BTC added to the supply through mining activities.
Spot Bitcoin ETF trading volume peaked at $5.5 billion in total on March 4, making it the second-highest volume day since the products launched. The high trading volume and institutional demand mean spot Bitcoin ETFs, exchange-traded products and trackers now handle around 1 million BTC — roughly 5.13% of the total BTC circulating supply. Of that 1 million BTC, nearly 83% is managed by U.S.-based spot and futures ETFs, according to a report published by K33 Research.
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