On March 5, the BlackRock iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) saw its highest daily inflows ever, totaling $788 million, surpassing its previous record of $612.1 million on Feb. 28.
This milestone occurred alongside Bitcoin’s achievement of a new all-time high (ATH) of $69,324 and a surge in investments in spot Bitcoin ETFs in the United States. Data from investment management company Farside indicated total inflows of $648.3 million on the day Bitcoin reached its ATH.
Out of the 10 approved ETFs, the Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF were the only ones to record net outflows, totaling $332.5 million and $14.2 million, respectively, on March 5.
The significant net inflows on this day were primarily driven by IBIT and supported by other Bitcoin ETFs such as the Fidelity Wise Origin Bitcoin Fund ($125.6 million), the Bitwise Bitcoin ETF ($3.7 million), the ARK 21Shares Bitcoin ETF ($63.7 million), the Franklin Bitcoin ETF (FBTC) ($3.6 million), the VanEck Bitcoin Trust ETF ($3.5 million), and the WisdomTree Bitcoin ETF ($6.6 million).
In contrast, the Valkyrie Bitcoin ETF recorded no inflows. Overall, the Bitcoin ETF ecosystem has seen a net inflow of $8.5 billion to date, despite the consistent outflows from GBTC, which now amount to $9.6 billion.
Historical data reveals that IBIT and FBTC have consistently attracted the largest inflows to the ecosystem and have never reported net outflows. As of March 5, IBIT and FBTC have contributed $9.16 billion and $5.3 billion, respectively.
On the other hand, GBTC’s Bitcoin holdings have decreased by 33%, from 620,000 BTC at the time of its ETF conversion to about 420,680 BTC currently.
With substantial investments and an ongoing bull run, the combined trading volume of U.S.-based spot Bitcoin ETFs has exceeded $10 billion to date.
“These are remarkable numbers for ETFs less than two months old,” remarked Bloomberg ETF analyst Eric Balchunas in a post on March 5 reporting the data.
