Spot Bitcoin Exchange-Traded Funds (ETFs) in the United States have reached new heights after achieving an astonishing $1.05 billion daily inflow this week.
According to SoSo Value data, the daily net inflow increased to approximately 56% compared to the net inflow of $673 million on February 28. Some viewers on the X platform expressed excitement for the new milestone, while others argue it is only the beginning.
According to SoSoValue data, on March 12, the total net inflow into Bitcoin spot ETFs reached $1.05 billion, setting a new record for the highest single-day net inflow since the first trading day of the ETF, representing an increase of approximately 56% compared to the net inflow… pic.twitter.com/om83JbhG0r
— Wu Blockchain (@WuBlockchain) March 13, 2024
Increaseing Inflows on Spot ETFs
On January 11, 2024, the U.S. Securities and Exchange Commission (SEC) approved the first wave of spot Bitcoin ETFs, which consisted of 11 ETF applications, after several months of close meetings with the applicants.
Spot Bitcoin ETFs are designed to track bitcoin’s price movements directly, thus providing investors with exposure to the world’s leading cryptocurrency without the complexities of holding and managing the digital asset.
According to recent data, BlackRock’s IBIT has recorded an inflow of $849 million. At the same time, ARK 21Shares Bitcoin ETF (ARK), VanEck Bitcoin Trust ETF (HOLD), and Fidelity Advantage Bitcoin ETF (FBTC) accounted for relatively modest contributions of $93 million, $82.9 million, and $51.6 million, respectively.
Bitcoin to $300k?
Commenting on the milestone, on-chain crypto analyst Willy Woo noted that Spot ETs are opening the inflow “pipes” on the Bitcoin network.
“Daily inflows of capital being stored by the Bitcoin network just hit $2b per day; that’s the level we hit in the last full-blown bull regime. This time, it should climb much higher,” he said.
Meanwhile, bitcoin’s recent price rally, surpassing previous all-time highs, has further sparked interest in the crypto market, with more investors flocking in. Some experts believe the digital asset could reach as high as $150,000 before the end of the bull market.