Spot bitcoin ETF inflows net record $1 billion in a single day

Funds • March 13, 2024, 3:35AM EDT

Published 1 minute earlier on

UPDATED: March 13, 2024, 3:42AM EDT

Quick Take

On March 12, net spot bitcoin ETF inflows hit over $1 billion.
Blackrock’s IBIT product saw a record $849 million inflow.

Yesterday was yet another day of record inflows for the recently approved bitcoin exchange-traded funds in the United States.

On March 12, net bitcoin ETF inflows hit over $1 billion, according to data from BitMEX Research.

At the same time, Blackrock's IBIT product — which, earlier this week, crossed 200,000 BTC +1.13% in assets under management — saw a record $849 million inflow.

In bitcoin terms, it was a record 14,706 BTC inflow.

Total net bitcoin ETF inflows since Jan. 11, 2024 reached $4.1 billion.

RELATED INDICES

As of yesterday, spot bitcoin ETFs now hold upward of 90% of the daily trading volume market share for ETFs offering bitcoin exposure — an all-time high. Bitcoin futures ETFs, meanwhile, now claim just 10% of the market share.

“To see more than $1 billion of net inflows, a new record, more than a month since launch is nothing short of impressive for any ETF," noted The Block's VP of Research, George Calle.

“The U.S. spot Bitcoin ETFs have been widely successful well beyond even the most optimistic expectations,” GSR Research Analyst Brian Rudick told The Block yesterday. “Their $10 billion-plus of inflows in just two months is approaching what most thought they would do in the first year, and there are arguments for why inflows may increase from here, like greater issuer sales efforts, their addition to wealth manager product offerings, and normalizing GBTC outflows.”

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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].