BlackRock’s iShares ETF records $788M net inflows as Bitcoin bull run gathers pace

Mar 6, 202408:35 UTC

The BlackRock iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) recorded its highest daily inflows of $788 million on March 5, exceeding its previous all-time high of $612.1 million on Feb. 28.

The Bitcoin ecosystem has recently reached two landmark milestones: a new all-time high (ATH) of $69,324 on March 5 and an influx of spot Bitcoin BTCUSD ETF investments in the United States. Data from investment management company Farside showed total inflows of $648.3 million on the day Bitcoin reached its ATH.

Of the 10 approved ETFs, the Grayscale Bitcoin Trust (GBTC) and the Invesco Galaxy Bitcoin ETF were the only two to record net outflows of $332.5 million and $14.2 million, respectively, on March 5.

The day’s net inflows were primarily fueled by IBIT and supported by 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).

The Valkyrie Bitcoin ETF, on the other hand, recorded $0 of inflows. In total, the Bitcoin ETF ecosystem has netted $8.5 billion of inflows to date, even after considering GBTC’s consistent outflows, which now cumulatively stand at $9.6 billion.

Historical data confirms that IBIT and FBTC bring in the largest inflows to the ecosystem, in addition to never reporting net outflows. IBIT and FBTC contributed $9.16 billion and $5.3 billion in total as of March 5.

In contrast, GBTC’s Bitcoin holdings have fallen 33%, from 620,000 BTC at the time of its conversion t an ETF to about 420,680 BTC at the time of writing.

Supported by heavy investments and an ongoing bull run, the combined trading volume of the U.S.-based spot Bitcoin ETFs is over $10 billion to date.