US Spot Bitcoin ETFs See Three Days Consistent Inflows

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The rising popularity of Spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States is evident as spot Bitcoin ETFs mark their third consecutive day of net inflows, totaling an impressive $31.64 million. According to SoSoValue data, BlackRock’s spot Bitcoin ETF brought in $37.92 million, the largest daily net inflow amongst others. Ark Invest brought in $33.28 million, while Bitwise has $23.23 million in net inflows.

However, Grayscale’s GBTC recorded $66.88 million worth of net outflow. This significant influx of funds has brought the total Spot BTC ETFs net inflow to $12.42 billion, with a total net assets of $55.82 billion.

Six Days of Inflows in Spot Bitcoin ETFs

Furthermore, the consecutive days of net inflows highlight a sustained trend rather than a fleeting interest in Bitcoin ETFs. This report comes months after the US spot bitcoin ETF industry recorded six straight days of net positive inflows totaling nearly $715 million. However, the majority of the inflows were recorded in BlackRock and Fidelity’s offerings, as pointed out by BitMEX.

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Additionally, the six straight days of inflows come after four days of outflows from the spot Bitcoin ETFs between January 22 and 25, when GBTC outflows peaked. Grayscale recorded its second-lowest outflow day on February 2 at $144.6 million.

BlackRock ETF to Surpass GBTC

As of March 22, BlackRock’s Bitcoin ETF boasted 238,500 BTC, valued at $15.5 billion, with an average daily inflow of approximately $274 million. In contrast, Grayscale’s GBTC reported holding an estimated 350,252 BTC worth $23 billion, experiencing an average daily outflow of roughly $277 million.

Given the consistent inflows into BlackRock’s ETF and the outflows from Grayscale’s trust, analysts predict that BlackRock could overtake Grayscale this month. This flip could occur within 10 days if BlackRock’s inflows return to higher levels than previously observed.

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Investors’ Interest in Spot BTC ETFs has Increased

The rapid growth of assets under management by ETFs highlights the increasing institutional interest in BTC as a legitimate asset class. Institutions, previously hesitant due to regulatory uncertainties and custodial concerns, are now embracing Bitcoin ETFs as a regulated and secure means to diversify their portfolios and hedge against inflationary pressures.

Meanwhile, the proliferation of ETFs has democratized BTC investment, allowing retail investors to participate in the crypto market without specialized knowledge or technical expertise. This democratization fosters financial inclusion and augments the liquidity and stability of the BTC market.

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