Key Points
- BlackRock’s spot bitcoin ETF surpasses $15 billion in assets under management, witnessing record inflows and trading volumes.
- Investment vehicles globally manage over 1 million bitcoin, according to K33 Research.
BlackRock’s spot bitcoin exchange-traded fund (ETF), IBIT, has hit a new milestone. As of March 12, it managed over $15 billion in assets, marking its largest daily inflows since it was launched two months ago.
In terms of Bitcoin, the IBIT fund now holds more than 212,000 bitcoins, equivalent to $15.4 billion. Meanwhile, Fidelity’s FBTC has exceeded 126,000 bitcoins or $9.2 billion in assets, according to BitMEX Research.
Spot Bitcoin ETFs Gain Traction
The nine new spot bitcoin ETFs, excluding Grayscale’s converted GBTC fund, now collectively hold over 422,000 bitcoins or $31 billion in assets.
However, the assets managed by Grayscale’s higher-fee GBTC fund have decreased by 38% to just under 381,000 bitcoins, roughly $27 billion. This is a significant drop from around 619,000 bitcoins or $45 billion before the launch of the spot bitcoin ETFs.
Globally, investment vehicles now manage over 1 million bitcoins, approximately $78 billion, as per K33 Research. March 12, 2024, marked the second-strongest net inflows to BTC investment vehicles, with 16,979 BTC absorbed in a single day.
Record Inflows and Trading Volumes
BlackRock’s IBIT ETF observed its highest daily inflow of $849 million on Tuesday. This led to a record net inflow of over $1 billion for all U.S. spot bitcoin ETFs. Since the inception of these ETFs, total net inflows have reached $11.1 billion.
In terms of trading volume, IBIT led the pack with a record $4 billion in trades. The combined daily trading volume for U.S. spot bitcoin ETFs hit the second-largest level of $8.7 billion on Tuesday as bitcoin’s price continued to hit new highs.
Bitcoin is currently trading at $73,289, an increase of 2% over the past 24 hours and 9% during the last week. It reached its latest all-time high of $73,710 on Wednesday.