Massive Influx Observed in Bitcoin ETFs

By: Eva Baxter

With Bitcoin persistently hovering just below its all-time high of $69,000, the Exchange Traded Fund (ETF) sector is witnessing substantial institutional interest. On March 4, inflows into Bitcoin ETFs reached a staggering total of $563 million, equivalent to nearly 8,338 Bitcoins. This substantial activity reflects the market's broader outlook.

From the data, leading investment firm BlackRock's IBIT accrued an additional $420 million, ballooning their total net flow to an impressive $8.4 billion and holding an astonishing 170,838 Bitcoins. In the same vein, Fidelity’s FBTC enjoyed a considerable influx of $405 million. This marks the most significant net inflow for FBTC since its inception, reaching $5.2 billion in total net inflow and maintaining 107,905 Bitcoins.

However, not all Bitcoin ETFs are experiencing strong inflows. Despite the massive cash influx in the ETF sector, funds like GBTC saw outflows amounting to $368 million. Also, ETF issuers like Invesco's BTCO, Van Eck's HODL, and WisdomTree's BTCW logged losses, suffering outflows of $26 million, $6 million, and $3.2 million, respectively.

Despite these setbacks, the total inflows for Bitcoin ETFs have managed to accumulate around $7.9 billion, equivalent to 152,630 Bitcoins, indicating a very high institutional interest in the sector.