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The United States recently approved spot Bitcoin (BTC) exchange-traded funds (ETFs), which experienced another day of record-breaking inflows on March 12.
Data gathered from BitMEX Research shows that net inflows for spot bitcoin ETFs surpassed $1 billion. Blackrock’s IBIT product also saw significant activity, registering a record inflow of $849 million shortly after it reported having over 200,000 BTC assets under management earlier in the week.
In terms of Bitcoin, the inflow for the day reached a record-breaking 14,706 BTC, valued at approximately $72,895.52 per Bitcoin. Since January 11, 2024, total net inflows into Bitcoin ETFs have amounted to $11.1 billion.
In related metrics, as of the latest data, spot Bitcoin ETFs now account for over 90% of the daily trading volume among ETFs that provide exposure to Bitcoin. This marks a new peak in market share dominance. Conversely, Bitcoin futures ETFs have seen their market share decline to just 10%.
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The performance of spot ETFs focused on Bitcoin has been overwhelmingly positive, meeting and exceeding benchmarks across various indicators. During a recent interview, Brian Rudick, a Research Analyst at GSR, told The Block, “The success of U.S. spot Bitcoin ETFs has far exceeded even the most positive forecasts. Their acquisition of over $10 billion in inflows within two months nearly matches what many anticipated for their first year. Potential factors that could drive further inflows include increased sales efforts by issuers, inclusion in wealth manager portfolios, and the normalization of outflows from GBTC.”
The report follows the United States Securities and Exchange Commission (SEC) delaying decisions on the approval of Bitcoin ETF options for trading. The deferral means another 45 days (the maximum of 90 days under the law) to reach a final decision, which is now set for 24 April.
