Record Bitcoin ETF Inflows Propel BTC to New ATH of $73,637.47


Bitcoin (BTC) surged to a new All-Time High (ATH), the third within the space of one month, hitting $73,637.47 as spot Bitcoin exchange-traded funds (ETFs) experienced a record-breaking net inflow of over $1.05 billion on March 12.

Spot Bitcoin ETFs Witness Unprecedented Inflows

This surge is attributable to the largest daily net inflow since the introduction of Bitcoin ETFs in the United States, aiding Bitcoin’s recovery from a downturn prompted by elevated CPI inflation figures.

Data from SoSoValue indicates that the substantial surge in investments into spot Bitcoin ETFs coincided with the second busiest trading day for the 10 Bitcoin ETFs, amassing a total of $8.5 billion. Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that only five stocks have experienced greater trading volumes than this milestone.

BlackRock’s iShares Bitcoin ETF Leads the Charge

The iShares Bitcoin ETF (IBIT) by BlackRock spearheaded the trend, attracting an impressive $849 million influx, surpassing prior benchmarks. Consequently, BlackRock’s overall net inflow surged to over $11.44 billion, with assets under management exceeding $14.5 billion.

Additionally, the VanEck Bitcoin ETF (HODL) experienced substantial inflows of $82.9 million subsequent to its announcement of a 0% management fee for the ensuing twelve months.

Other notable inflows include Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF, which garnered $51.6 million and $93 million, respectively. In contrast, Bitwise (BITB) and other spot Bitcoin ETFs experienced relatively smaller inflows.

In the interim, GBTC experienced a $79 million outflow, marking the conclusion of Genesis’ GBTC sell-offs. Genesis, a crypto lender, obtained approval from the bankruptcy court to sell 35 million GBTC shares valued at $1.3 billion, adding to GBTC’s cumulative net outflow surpassing $11.12 billion thus far.

Bitcoin ATH Price Trajectory

The current trading price of Bitcoin at $73,067 highlights a 2% surge in its value over the last 24 hours, indicating growing trader interest. This sustained interest has propelled Bitcoin to become the eighth most valuable asset worldwide.

Despite sentiments towards consolidation due to sky-high funding rates, predictions of Bitcoin’s price reaching $100,000 remain intact, fueled by the recent surge in institutional interest and record-breaking inflows into Bitcoin ETFs. Despite the current boost, market experts believe the premier coin is just getting started with projections reaching as high as $1 million according to Samson Mow, Jan3 founder.

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