Spot Bitcoin ETFs Witness $418M in Net Inflows Led by Blackrock and Fidelity

US spot Bitcoin exchange-traded funds (ETFs) have experienced a resurgence of fresh capital, reversing a streak of consecutive net outflows over the past week. 

According to data from Farside Investors, the ten approved spot Bitcoin ETFs saw a combined net inflow of $418 million on March 26, with BlackRock’s and Fidelity’s funds leading the way.

Fidelity’s fund recorded its largest daily inflow since March 13, attracting $279.1 million on March 26. 

The investment giant added an additional 4,000 BTC to its holdings, marking the second consecutive day of inflows exceeding $260 million. 

Similarly, BlackRock’s fund saw inflows of $162.2 million, although its daily inflows remained lower compared to earlier in the month when they averaged over $300 million per day.

Grayscale Sees Outflows as Other Funds Register Inflows

The Ark 21Shares Bitcoin ETF fund had its best day since March 12, with $73.6 million in inflows. 

Invesco Galaxy, Franklin Templeton, and Valkyrie also observed more than $26 million worth of inflows across their respective funds.

In contrast, Grayscale’s Bitcoin Trust (GBTC) continued to experience outflows, recording a daily outflow of $212 million. 

However, the net inflows from its competitors outweighed GBTC’s outflows.

Since transforming into an ETF on January 11, Grayscale has witnessed a significant outflow of 277,393 BTC, valued at approximately $19.5 billion at current prices.

In a recent post on X, Bloomberg senior ETF analyst Eric Balchunas highlighted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading. 

Four Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, made the list, with Balchunas noting that they were “in a league of their own.” 

He further pointed out that even the Bitwise Bitcoin ETF (BITB), currently the 18th largest Bitcoin ETF by assets under management, surpassed the world’s largest SPDR Gold Shares (GLD) fund.

Here's a look at Top 30 ranked by assets in first 50 days on market. Went global for this so this is out of 11,338 funds. Four BTC ETFs made the list. $IBIT and $FBTC in league of their own. $BITB > $GLD! pic.twitter.com/V5ENc3boNv

— Eric Balchunas (@EricBalchunas) March 26, 2024

On March 26, Hashdex, a crypto asset management firm, joined the ranks as the eleventh spot Bitcoin ETF issuer in the United States. 

They announced the conversion of their futures fund into a spot product, now trading under the ticker DEFI.

Bitcoin Price Maintains $70,000 Level

The price of Bitcoin has maintained the $70,000 mark amid the news that the London Stock Exchange plans to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May.

The decision follows the exchange’s previous announcement that it would accept applications for crypto ETNs during the second quarter of this year.

In a recent note, crypto asset trading firm QCP Capital also revealed that asset managers continue to add Bitcoin allocations as a “portfolio diversifier.”

Additionally, requests for structured products such as Accumulators and FCNs have flooded in, revealing a strong appetite for diversifying investment portfolios with BTC, the Singapore-based crypto firm wrote. 

⁠”Anecdotally, wealth desks at major banks have been pleasantly shocked at the tremendous demand from clients for BTC spot ETFs, along with requests for structured products like Accumulators and FCNs.”

QCP even said it expects the leading cryptocurrency to maintain momentum, breaking all-time highs and potentially reaching the coveted $100,000 mark. 

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