🌎 BlackRock’s Bitcoin ETF Sees Record Inflows

Investors in Bitcoin ETFs poured a record amount of money into BlackRock’s iShares Bitcoin ETF (IBIT) on the same day that Bitcoin hit a new all-time high before pulling back by up to 10%.

On March 5, IBIT received $788 million in net inflows, marking a new historical high for daily inflow into the investment vehicle. Traders took advantage of the market dip to capitalize on the opportunity.

IBIT’s cash haul now ranks 2nd among all ETFs in daily, weekly, monthly, and year-to-date flows.

Since its inception, IBIT has seen over $9 billion in total inflows and currently manages nearly $12 billion in assets under management (AUM). BlackRock has acquired over 183,000 Bitcoin since the ETF’s trading began on January 11.

BlackRock’s largest daily inflow also marked its biggest purchase of Bitcoin, with nearly 12,600 BTC acquired in a single day. The previous highest purchase was over 10,140 BTC on February 28.

According to reports, BlackRock is planning to invest in more BTC ETFs through its Strategic Income Opportunities Fund, as disclosed in a filing with the U.S. SEC on March 4, following the announcement of Bitcoin ETF plans in Brazil.

As IBIT saw record inflows, Grayscale’s GBTC experienced outflows, losing $332 million. Overall, all 10 spot Bitcoin ETFs saw $648 million in net inflows, while investors have withdrawn over $9 billion from GBTC.

Institutions like Bank of America’s Merrill Lynch, Citi Bank, UBS, and Wells Fargo have also joined the BTC ETF trend, allowing select clients to purchase spot BTC ETFs due to increasing customer demand, despite initially hesitating to do so.

Spot Bitcoin ETFs now account for almost 4% of BTC’s current supply, with over $20 billion in AUM excluding Grayscale’s GBTC.