U.S. bitcoin spot exchange-traded funds generated a record net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million set on their Jan. 11 launch day.
BlackRock’s IBIT spot bitcoin ETF dominated flows, adding $612.1 million, according to data from BitMEX Research, marking the highest inflow to date. Fidelity’s FBTC was in second place with $245.2 million and Ark Invest 21Shares’ ARKB was third with $23.8 million.
Despite the record net inflow, there were outflows of $216.4 million from Grayscale’s higher-fee GBTC fund – the largest since January 30 – and $3.4 million from VanEck. The remaining funds each generated less than $10 million in revenue Wednesday.
Yesterday’s figures bring total net inflows for all spot Bitcoin ETFs combined to nearly $7.4 billion, according to BitMEX Research.
“We have a new record inflow for the Cointucky Derby Bitcoin ETFs! IBIT alone brought in a record $612 million. On a net basis, the group took in $673 million,” Bloomberg ETF analyst James Seyffart. job on X. “This breaks the first day record of $655 million. Additionally, IBIT has surpassed $9 billion in assets.
BlackRock exceeds 150,000 BTC under management, Fidelity exceeds 100,000 BTC
Following yesterday’s record inflows, BlackRock’s IBIT fund reached over 150,000 BTC
-2.38%
($9.4 billion) under management, while Fidelity’s FBTC surpassed 100,000 BTC ($6.3 billion) in assets, according to to Vetle Lunde, analyst at K33 Research.
BTC under management. Picture: Search K33.
The nine new spot bitcoin ETFs – excluding Grayscale’s converted GBTC fund – now hold more than 330,000 BTC in assets under management – adding around 30,000 BTC ($1.9 billion) in two days.
US spot Bitcoin ETFs collectively hold 768,280 BTC ($4.8 billion), with a net inflow of 149,080 BTC ($937 million) since launch. This is despite a 29% drop in assets held by Grayscale’s converted GBTC fund, to just under 441,000 BTC ($28 billion), compared to around 619,000 BTC ($39 billion) since January 11 , according to CoinGlass. data.
BTC held by all US bitcoin spot ETFs. Picture: Search K33.
Global net inflows for all Bitcoin exchange-traded products stood at 6,038 BTC ($380 million) on Wednesday, according to Lunde. “Huge outflows from Volatility Shares and a large outflow from Purpose partially offset the impact of BlackRock’s huge $612 million inflow,” he said.
Daily flow of Bitcoin ETPs by region. Picture: Search K33.
Global Bitcoin ETPs are approaching 1 million BTC under management, currently holding 980,000 BTC ($61.6 billion), after adding 133,300 BTC ($8.4 billion) so far this year, Lunde added .
Bitcoin under management by investment vehicles. Picture: Search K33.
Record daily trading volume for spot Bitcoin ETFs
As The Block previously reported, U.S. Bitcoin spot ETFs also generated record trading volumes on Wednesday as the price of Bitcoin climbed to a high of $64,000, before correcting.
The ETFs generated a combined trading volume of $7.61 billion on Wednesday, according to The Block’s data dashboard – breaking the previous record of $4.54 billion on their first day of trading on the 11th. January.
BlackRock’s IBIT once again led the market, recording a trading volume of $3.32 billion, more than double its previous record set the day before. Grayscale’s GBTC generated $1.84 billion in volume and Fidelity’s FBTC generated $1.43 billion.
“The total number of transactions also doubled, surpassing half a million individual transactions,” said Eric Balchunas, an analyst at Bloomberg ETF. said of the nine new bitcoin spot ETFs. “IBIT alone > QQQ [the Invesco ETF tracking the Nasdaq-100 Index]. »
“Bitwise, Invesco and ARK’s bitcoin ETFs all broke their personal volume records today as well,” Balchunas added. “I’ve surveyed some market makers and most say this volume is largely a function of natural demand versus algo/arb type volume. To quote Buffalo Springfield, “There’s something going on here.” »
Cumulative trading volume for spot bitcoin ETFs in the United States now stands at $65.64 billion.
Bitcoin is currently trading at $62,486, according to The Block’s price page. The largest cryptocurrency by market capitalization gained another 5% in the last 24 hours. Bitcoin is now up more than 22% over the past week and 48% year-to-date – just 10% less than its previous all-time high of around $69,000 set in November 2021 .
BTC/USD price chart. Image: Le bloc/TradingView.
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