In a significant development within the cryptocurrency market, institutional investors have funneled a staggering of around $700 million into U.S. Spot Bitcoin ETF, led by industry giants BlackRock and Fidelity despite Grayscale’s robust outflux. Meanwhile, this substantial inflow highlights the growing institutional interest in digital assets and their increasing acceptance within mainstream finance.
Bitcoin ETF Records $700 Mln Inflow
On March 5, 2024, a remarkable milestone for Spot Bitcoin ETF was seen in the United States as it witnessed an unprecedented surge in inflows. Notably, according to provisional data by Farside UK, the U.S. Spot Bitcoin ETF has garnered approximately $662.5 million in inflows, marking one of its highest daily inflows to date.
However, the spotlight shines on BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC, which collectively amassed over $900 million in inflows. Notably, BlackRock’s IBIT reported an impressive influx of $788.3 million, underscoring the growing confidence of institutional investors in Bitcoin as a viable asset class. In addition, Fidelity’s FBTC recorded a significant inflow of $125.6 million, further solidifying institutional support for digital assets.
In contrast, Grayscale’s Bitcoin Trust (GBTC) continued to experience robust outflows, with March 5 witnessing an outflow of $332.5 million. Despite this, the overall sentiment towards Bitcoin ETFs remains bullish, fueled by positive market momentum and increasing institutional participation.
Also Read: Bitcoin ETFs Hit Record Trading Volumes At $10 Billion Amid BTC Price Volatility
Market Dynamics and Bitcoin’s Volatility
The surge in Bitcoin ETF inflows coincided with Bitcoin’s ascent to a new all-time high, breaching the $69,000 mark. Notably, market pundits attribute this rally to the positive momentum in the Bitcoin ETF space, coupled with anticipation surrounding the upcoming Bitcoin Halving and burgeoning global demand for digital assets.
However, the euphoria surrounding Bitcoin’s price rally was short-lived, with the cryptocurrency plummeting to as low as $59,000 after reaching its peak on March 5. The recent decline has sparked discussions in the crypto market while reflecting the volatile nature of digital assets.
Meanwhile, according to Spot On Chain, the sudden Bitcoin crash was exacerbated by the actions of a dormant whale, who deposited 1,000 BTC, valued at approximately $67.1 million, to Coinbase at $67,116. Notably, this move, allegedly driven by profit-taking, underscores the inherent volatility and speculative nature of the cryptocurrency market.
Also Read: Shiba Inu Lead Spotlights The Shib Magazine’s Latest Edition, Here’s Everything
The post Bitcoin ETF: BlackRock & Fidelity Inflow Surge To A Staggering $900 Mln appeared first on CoinGape.
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