Spot Bitcoin ETFs Saw $243 Million Inflows Yesterday, Despite GBTC Outflows
Qadir AK28 Mar 20242 min read
Yesterday was a good one for the crypto market as Bitcoin ETFs saw a $243 million inflow, completely overshadowing the grim news of a $299 million outflow from the Grayscale ETF GBTC. This indicates a return of institutional confidence in Bitcoin ETFs, just as Bitcoin is finding its ground again.
BlackRock’s IBIT ETF took the lead with an impressive $323 million inflow. Then ARK Invest & 21Shares’ ARKB wasn’t far behind, bagging a cool $200 million. Bitcoin was teasing us, grazing the $72,000 mark, and the investors were here for it. Farside Investors dropped some knowledge on us, revealing that the ARK 21Shares Bitcoin ETF’s inflow was four times its daily average since its grand entrance to the market on January 11.
Valkyrie, Invesco Galaxy, Franklin, and VanEck’s Bitcoin ETFs were also seeing action, with inflows ranging from $1.9 million to $5.1 million. WisdomTree and Fidelity both saw $1.5 million in inflows.
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BlackRock’s CEO, Larry Fink, could barely contain his surprise at the performance of their spot Bitcoin ETF, IBIT. Claiming the fastest growth in ETF history, IBIT managed to amass $13.5 billion in just 11 weeks. On March 12 alone, it saw an $849 million inflow. Experts say that is quite literally unprecedented.
The businessman added that:
“We’re creating now a market that has more liquidity, more transparency and I’m pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand.”
When asked whether he had expected IBIT to perform as good as it is, he responded that yes, good. But not this good. Fink then proceeded to share how bullish he is on Bitcoin. He even went as far as to call it the most viable asset he is watching.
