Key Points
- U.S. spot Bitcoin ETFs saw a record net inflow of $673.4 million, led by BlackRock’s IBIT.
- BlackRock’s IBIT fund now manages over 150,000 Bitcoin, while Fidelity’s FBTC exceeds 100,000 Bitcoin.
U.S. spot Bitcoin exchange-traded funds (ETFs) witnessed a record net inflow of $673.4 million, surpassing the previous high of $655.2 million set on their launch day, January 11.
Leading the Pack
BlackRock’s IBIT spot Bitcoin ETF led the inflow, contributing $612.1 million, the highest inflow to date, as per BitMEX Research. Fidelity’s FBTC followed with $245.2 million, and Ark Invest 21Shares’ ARKB was third with $23.8 million.
However, there were outflows of $216.4 million from Grayscale’s GBTC fund and $3.4 million from VanEck’s HODL product. The remaining funds each generated less than $10 million worth of inflows.
Record Inflows and Management
Following these record inflows, BlackRock’s IBIT fund now manages over 150,000 Bitcoin (BTC), while Fidelity’s FBTC surpasses 100,000 Bitcoin. The nine new spot Bitcoin ETFs now hold more than 330,000 Bitcoin in assets under management, having added around 30,000 Bitcoin in two days.
Overall, U.S. spot Bitcoin ETFs collectively hold 768,280 Bitcoin, with a net inflow of 149,080 Bitcoin since their launch. Despite this, assets held by Grayscale’s GBTC fund have dropped by 29%.
Global net inflows for all Bitcoin exchange-traded products were 6,038 Bitcoin on Wednesday. However, significant outflows from Volatility Shares and Purpose partially offset the impact of BlackRock’s massive inflow.
Global Bitcoin ETPs are close to managing 1 million Bitcoin, currently holding 980,000 Bitcoin, having added 133,300 Bitcoin this year.
Record Trading Volume
U.S. spot Bitcoin ETFs also recorded high trading volumes as Bitcoin’s price peaked at $64,000. The ETFs generated a combined trading volume of $7.61 billion on Wednesday.
BlackRock’s IBIT led the market with $3.32 billion in trading volume, more than doubling its previous record. Grayscale’s GBTC generated $1.84 billion in volume and Fidelity’s FBTC $1.43 billion.
The total number of trades also doubled, with over half a million individual trades. The cumulative trading volume for the U.S. spot Bitcoin ETFs now stands at $65.64 billion.
Bitcoin is currently trading at $62,486. The largest cryptocurrency by market cap gained a further 5% over the last 24 hours. Bitcoin is now up by more than 22% over the past week and 48% year-to-date, just 10% shy of its previous all-time high of around $69,000 set in November 2021.
