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Spot Bitcoin exchange traded funds (ETFs), a group of ETFs that trade Bitcoin, have set a new trading record. The volume reached $10 billion as BTC surged above $69,000 and then fell.
BlackRock’s $IBIT hit a record on March 5, with inflows of $788 million. Fidelity’s FBTC followed with $125 millions.
Grayscale outflows of $322 millions were offset by a net total inflow to spot Bitcoin ETFs of $648,000,000, the largest one-day inflow ever since its launch on January 11.
Bitcoin ETF Flow – 5 March 2024
All data in. The day’s net inflow was $648m. Largest inflows since day 1. Blackrock sets a new record of +$788,3 million in one day. pic.twitter.com/zOJ5Y5XsEx
— BitMEX Research (@BitMEXResearch) March 6, 2024
“These are bananas numbers for ETFs under two months old,” Eric Balchunas is a Bloomberg ETF Analyst.
The ten Bitcoin ETFs have done $10b of volume today, breaking the previous record set on Wednesday. ETFs are known for their volatility and high volume, so we’re not surprised. These are crazy numbers for ETfs that are less than 2 months old. $IBIT, $FBTC, $BITB, $ARKB All record days. pic.twitter.com/rIdbhoYifV
— Eric Balchunas (@EricBalchunas) March 5, 2024
The Grayscale Bitcoin Trust was the seventh most traded investment vehicle in the US. BlackRock’s IBIT was the fourth. According to Proshares BTC Strategy ETF, it was tenth. Barchart data.
Grayscale Outflows Continue
Grayscale, despite the apparent interest in BTC spot ETFs and their $10 billion outflows since launch, continues to report them.
The ETF manager’s assets are the same as when it launched, despite the recent surge in Bitcoin prices.
“While Grayscale is losing investors it has more assets than when it launched, a phenomenon we call the bull-market subsidy.” –@EricBalchunas
Grayscale’s high-fee gambit has paid off.
You’re welcome to add some color.
Enjoy the best of both worlds with our online shopping. @AdMcMarkets https://t.co/DZMb5UT9MD pic.twitter.com/CNfbTTGqBX
— Nate Geraci (@NateGeraci) March 5, 2024
Balchunas claims that the “bull market subsidy” Grayscale’s assets have seen a rise in value due to the recent Bitcoin gains. Grayscale has seen a rise in revenues due to its Bitcoin ETF, which has the highest fees.
Bitcoin Rallies to All-Time Highs Before Swift Correction
Bitcoin’s new high of $69,000 coincided with the record ETF volumes.
The king of crypto, however, failed to maintain the rally and plummeted below $61,000.
BTC’s price is now trading in the black again, suggesting that a dip has created an opportunity to buy. BTC traded at $67.518 as of 03:41 EST.
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“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: insidebitcoins.com