Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs).) are currently in the spotlight as the products have seen massive net inflows in recent days than in the initial weeks of launch, dominating the crypto investment products market.
Bitcoin ETF inflows have surged over the past four days
Thomas Fahrer, the co-founder of Bitcoin tracking platform Apollo, took to social media platform part development with the community. Fahrer pointed out that BTC spot ETFs are currently experiencing a “total acceleration” of inflows.
Fahrer highlighted that Bitcoin ETFs underperformed in the first few weeks compared to the last four days. He noted that BTC had a significant inflow of 42,000 BTC during the first 20 trading days.
Meanwhile, the products have witnessed an inflow of 43,000 BTC tokens worth $2.3 billion in the last 4 days. This latest surge in inflows suggests a renewed adoption of the products from crypto players and investors.
Facts from Apollo Reveals Grayscale as the Leading Assets Under Management (AUM) Company. Registered as Grayscale Bitcoin Trust (GBTC), the company has a whopping $23.7 billion AUM.
However, this is a notable drop from the $28 billion in assets it had on January 11, after switching to an ETF. This is due to the daily net outflows the fund has experienced since it was approved by the US Securities and Exchange Commission (SEC).
Blackrock is second only to Grayscale, with more than $5 billion in assets under management since trading began. It is followed by Wise Origin Bitcoin Trust (FBTC) and Ark/21Shares Bitcoin Trust (ARKB), which come in third and fourth respectively.
Investment firm Bitwise’s Bitcoin ETF (BITB) is the latest company to reach the billion-dollar milestone. According to the press, the company’s BTC ETF is the fifth largest after the aforementioned asset management companies.
Blackrock records the largest influx
On Tuesday, Black rock recorded the largest inflow day since the approval of Bitcoin ET products. A senior Bloomberg Intelligence analyst, Eric Balchunas, revealed information about the update on X.
He stated that Blackrock’s BTC ETF soared on Tuesday, with inflows of almost half a billion. According to data shared by Balchunas, IBIT earned $493 million in revenue during the trading day.
IBIT’s previous largest daily net inflow was $386 million, recorded on the second trading day of January 12. Consequently, total inflows into Blackrock’s Bitcoin ETF crossed the $5 billion mark after Tuesday’s event. Year to date, Blackrock’s IBIT leads among all ETFs by “7% by size in just 23 trading days.”
These developments came in light of the recent Bitcoin rally in recent days, which pushed BTC’s price above $50,000. Many market enthusiasts believe that a major factor in the rally is the reason surrounding the rally BTC ETF flows.
Featured image from iStock, chart from Tradingview.com
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