March 27, 2024
BTC ETFs Reach Record $680M Inflow
Bitcoin ETF

Spot Bitcoin ETFs Reach Record $680M Inflow

The latest data indicates a surge in the adoption of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, with a record-breaking cumulative daily inflow of $676.8 million, establishing a new all-time high for the ecosystem.

On February 28, spot Bitcoin ETFs attracted an impressive daily inflow of nearly $680 million. Among the 10 approved by the U.S. Securities and Exchange Commission, five players contributed significantly to this influx—iShares Bitcoin Trust ($612.1 million), Fidelity Wise Origin Bitcoin Fund ($245.2 million), Bitwise Bitcoin ETF ($9.9 million), ARK 21Shares Bitcoin ETF ($23.8 million), and WisdomTree Bitcoin ETF ($2.2 million).

Notably, the Grayscale Bitcoin Trust recorded outflows of $216.4 million, slightly tempering the overall inflows from $893.2 million to $676.8 million. Since February 12, the U.S. spot Bitcoin ETF market has witnessed cumulative inflows totaling $7.4 billion. However, significant outflow events from Grayscale have offset these gains, resulting in a net loss of over $7.8 billion.

As of February 28, the iShares contribution to Bitcoin ETFs in the U.S. holds the highest at $7.15 billion. The collective inflow into spot Bitcoin ETFs has now reached close to $7.4 billion. The impact of positive crypto events in one region reverberates globally.

A recent survey involving 2,100 respondents indicates an increased interest in Bitcoin among Australian retail investors following the approval of spot Bitcoin ETFs in the United States in January. Bitcoin sentiment in Australia, a metric gauging current investor sentiment based on trading events and market conditions, experienced a 25% boost after the approval of spot BTC ETFs.

Adoption rates in 2024 have also seen a marginal uptick. Adrian Przelozny, CEO of Independent Reserve, commented on the surge in positive investor sentiment, noting a demonstrable shift towards optimism and growth. The survey revealed that while a third of respondents expressed interest in long-term Bitcoin investment, opinions were divided on whether they preferred accessing Bitcoin through a crypto exchange or ETF.

The surge in spot Bitcoin ETF adoption in the U.S., coupled with increased Australian retail interest following regulatory approvals, signifies a positive shift in global sentiment towards Bitcoin, fostering optimism and growth in the cryptocurrency market.

Image by freepik

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