The leading cryptocurrency reaches new all-time highs, surpassing US$73,000, while ETFs continue to break records by registering net intraday inflows totaling US$1,045 million, thus marking the highest figure in their brief history.
Bitcoin ETFS break records and drive crypto rally
inbestme
The unstoppable rise of Bitcoin(BTC) continues to set the tone in financial markets, and cash exchange-traded funds (ETFs) continue to amaze with their performance. Although the repetition of success may sound monotonous, the reality is undeniable.
The leading cryptocurrency reaches new all-time highs, surpassing $73,000, while ETFs continue to break records by registering Intraday net inflows totaling US$1,045 millionthus marking the highest figure in its brief history.
According to data from BitMEX Research, BlackRock’s iShares Bitcoin Trust (IBIT) fund significantly contributed approximately $849 million of that more than $1 billion. Conversely, Grayscale Bitcoin Trust (GBTC) reduced its net outflows to just $79 million, the lowest amount since last February 26.
In terms of bitcoins, The numbers are impressive too.. Yesterday, the funds raised 14,706 bitcoins, marking the most since their trading debut on January 11. IBIT led with the raising of 11,946 BTC, followed by VanEck’s HOLD fund and the Ark 21Shares Bitcoin ETF (ARKB), which attracted 1,308 and 1,116 tokens, respectively. In contrast, net outflows were only observed in GBTC, with 1,111 BTC, and Invesco’s BTCO fund, which recorded outflows for the third consecutive day of 276 BTC.
In addition, BitMEX highlights that the flow of net inflows since January 11 has exceeded $4 billion, evidencing great institutional and retail interest in these investment products.
ETFs: turbo for the rally
Additionally, data from Dune Analytics shows that GBTC’s market share has fallen below 50%, a milestone that has not been reached since the IPO of these ETFs. Although outflows have decreased over time, GBTC has yet to experience a single positive balance day.and in the last two weeks, negative flows have increased again, as JP Morgan predicted.
bitcoin-cryptocurrencies.jpg
Depositphotos
In this context, GBTC maintains a 1.5% commission, inherited from its old structure as a trust fund, while the rest of the funds offer much lower commissions and even zero in some cases. In total, GBTC has lost 230,000 bitcoins in the last two months, almost as many as the 215,817 captured by BlackRock’s IBIT and double the 125,632 captured by Fidelity’s FBTC. GBTC has recorded outflows worth $11,126 million since its conversion to a spot ETF, while IBIT has raised its net inflows to $11,441 million.
It is relevant to highlight that the funds are on track to surpass the 2021 net inflow record ($10.3 billion) with two weeks left to close the first quarter of this year. Kaiko Research explains that Bitcoin spot volume reached $51 billion on March 5, marking multi-year highs and surpassing trading volumes recorded the last time bitcoin reached its all-time high in November 2021.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
