U.S. spot Bitcoin ETFs recorded a staggering net inflow of $84.17 million on March 24 indicating a significant uptick in investor confidence.
The latest record marks an impressive seven consecutive days of net inflows after the market recorded significant outflows for weeks, throughout February and the beginning of March. Notably, the current 7-day inflow streak has established a new benchmark as the longest consecutive period of net inflows since January 24, reflecting the market’s renewed optimism.
Fidelity’s Bitcoin ETF Leads Inflows
Among the list of Bitcoin ETFs that contributed to the massive inflow streak was Fidelity’s Bitcoin ETF (FBTC), which witnessed a massive inflow of $82.85 million on that same day. With a significant gap behind the frontrunner, Bitwise’s BITB recorded $19.23 million in net inflows.
Meanwhile, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, contributed to the inflow by drawing in $18 million. In a move that further solidified its commitment to the crypto space, BlackRock recently incorporated Bitcoin into its vast model portfolio universe.
This strategic decision allocates 1% to 2% of the portfolio’s $150 billion to the iShares Bitcoin Trust ETF (IBIT), which boasts an impressive $48 billion in assets under management. This integration is specifically designed for allocation portfolios focused on alternative assets,
VanEck’s HODL ETF, another ETF that contributed to the 7-day streak, witnessed a notable uptick in investor activity, with $5 million flowing into the fund.
However, despite the influx of investor capital, the momentum was slightly curtailed by $41 million in outflows from ARKB, the joint ETF offering from Ark and 21Shares.
Bitcoin ETFs Show Staying Power Amidst Volatility
The sustained inflow into Bitcoin ETFs over the past week suggests a growing appetite for Bitcoin among institutional and retail investors alike, despite the recent market volatility and the ongoing uncertainty surrounding the global economic landscape.
In a similar development, the ETF market recorded a 14-day inflow streak despite ongoing waves and price drops in the crypto market. At that time, the value of Bitcoin dropped by nearly 5%, briefly touching the $100,000 mark, but the funds closed the business day with gains, gathering about $6.35 billion in value.
