Friday Bitcoin Inflows into spot exchange-traded funds (ETFs) remain significantly lower than previous records due to the crypto market’s recent downward trend. This decline is also linked to Bitcoin falling below the $65,000 threshold yesterday. Prominent Chinese correspondent Colin Wu noted this development in a recent article in X. pulled.
On March 15th, the total net inflow of Bitcoin spot ETFs was $198 million. Grayscale ETF GBTC had a net outflow of $139 million for the day. The Bitcoin spot ETF with the highest net inflow for the day was Fidelity’s ETF FBTC, with a net inflow of approximately $155 million.… pic.twitter.com/5Rh3KznqCf
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) March 16, 2024
All ten Bitcoin ETFs generated $198 million in inflows yesterday, according to data from tracking sources. This figure represents a significant decrease from previous entry volumes. To put it in perspective, the $198 million entry marks a 71% drop from the $683.7 million recorded on March 13.
Despite this significant decrease in inflows, these investment instruments managed to maintain their positive daily net flow streak for the tenth consecutive day on March 15. This inflow was supported by a significant $155 million capital inflow into Fidelity’s ETF FBTC, in contrast to the $139 million negative flow observed in Grayscale Bitcoin Trust (GBTC).
Notably, Bitcoin spot ETF inflows first took a significant hit on March 14. Because it only saw a positive flow of $132.5 million. This indicated an 80% decrease compared to the March 13 figure. Additionally, Thursday’s figure marks an 87% decline compared to the record daily net inflow of $1.045 billion witnessed just a day earlier, on March 12.
Interestingly, despite the downward trend in capital flows since the peak, the market has managed to sustain these inflows. This shows that the demand for these investment products and therefore for Bitcoin continues.
BlackRock iShares Bitcoin Trust (IBIT) was the primary investment vehicle contributing to Thursday’s positive flow. It recorded an impressive inflow of $345.4 million, dwarfing other investment instruments by a significant margin.
