In just two months, BlackRock’s IBIT spot bitcoin exchange-traded fund crossed $10 billion worth of net inflows on Friday.
IBIT’s total flows of $10.03 billion are almost enough to cancel out total outflows of $10.55 billion from Grayscale’s converted GBTC fund alone. It is also comparable to the $10.1 billion worth of inflows generated from the other eight spot bitcoin ETFs combined, with the newborn nine — excluding GBTC — also topping 20 billion on Friday. Net inflows for all the products now total more than $9.5 billion.
IBIT again led daily flows on Friday, registering $336.3 million worth of inflows. Fidelity’s FBTC was second with $130.3 million worth of inflows, and Valkyrie’s BRRR third with $41.4 million, according to data from BitMEX Research.
Net inflows for the U.S. spot bitcoin ETFs came in at $223 million on Friday, despite $302.9 million worth of outflows from Grayscale’s higher fee GBTC fund, which continues to witness substantial daily outflows. Invesco’s BTCO was the only other ETF to witness outflows for the day, with $7.6 million exiting the fund.
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ETF has eclipsed $10 billion net inflows. That’s net inflows in 40 days. Pulling down an average of $250 million/day,” The ETF Store President Nate Geraci posted on X. “Now at $13.6 billion AUM. For context, Ark Invest has about $16.5 billion total assets. Firm launched in 2014.”
The newborn nine ETFs also flipped GBTC in bitcoin holdings last week — now holding a combined 409,224 BTC in assets compared to GBTC’s 399,743 BTC, per BitMEX Research. BlackRock’s IBIT leads with 197,943 BTC — also surpassing MicroStrategy’s 193,000 BTC last week.
“All this was bound to happen but not in eight weeks. Scary fast,” Bloomberg ETF analyst Eric Balchunas said. “It seems like they’ve been on the market for six months. I feel like the ETFs have gotten sucked into crypto time (a la that one planet in Interstellar).”
Third-biggest day for spot bitcoin ETF trading volume
Trading volume for the U.S. spot bitcoin ETFs also hit the third-largest level of $7.58 billion on Friday, just behind the second-biggest volume day of $7.64 billion on Feb. 28. Record daily trading volume for the ETFs currently stands at $9.93 billion, set on March 5 — when bitcoin first broke its prior all-time high of $69,000.
Friday’s trading volume was again led by BlackRock’s IBIT, registering $3.55 billion, with Fidelity’s FBTC and Grayscale’s GBTC generating $1.69 billion and $1.51 billion, respectively, according to The Block’s data dashboard.
Cumulative trading volume for all spot bitcoin ETFs now stands at $106.6 billion.
Bitcoin sets fresh all-time high
The bitcoin price set fresh highs on Monday, rising above the $70,000 mark for the second time in the last few days before pushing through $71,000 to reach a new all-time high of $71,860. Bitcoin is currently trading for $71,747 — up 3% over the past 24 hours and more than 10% over the past week, according to The Block’s price page — spurred on by the spot ETF inflows.
BTC/USD price chart. Image: The Block/TradingView.
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