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Bitcoin ETFs see record inflows as price nears all-time high

As Bitcoin hovers just below the all-time high of $69,000, the exchange-traded fund (ETF) sector demonstrates substantial activity, reflecting wider market sentiment and significant institutional interest.

According to data from BitMEX, recent inflows into Bitcoin ETFs reached a striking total of $563 million on March 4, equivalent to roughly 8,338 Bitcoins. This is the highest daily inflow since February 19, when Bitcoin ETFs saw a combined inflow of $590 million.

The data shows that renowned investment firm BlackRock’s IBIT saw an additional inflow of $420 million, increasing their total net flow to an impressive $8.4 billion and holding a staggering 170,838 Bitcoin. Similarly, Fidelity’s FBTC recorded a massive inflow of $405 million, marking the strongest net inflow day since its inception and bringing its total net inflow to $5.2 billion, currently holding 107,905 Bitcoin.

ETF Data in dollars | Source: BitMEX

Meanwhile, Bitwise’s BITB reported a significant net inflow of approximately $91 million – their third-highest net inflow day, raising their total net inflow to $1.3 billion. BITB is the first and only publicly traded crypto index fund in the U.S., tracking the performance of the top 10 cryptocurrencies by market capitalization.

On the contrary, GBTC recorded another considerable day of outflows amounting to $368 million. However, there’s a silver lining as the outflows from the last three trading days have begun to diminish, though GBTC’s total outflows remain substantial at $9.3 billion, according to BitMEX. GBTC is the largest and oldest Bitcoin trust in the market, but it has been facing increasing competition from other ETFs that offer lower fees and better liquidity.

ETF Data in BTC | Source: BitMEX

Besides GBTC, three ETF issuers experienced outflows: Invesco’s BTCO saw a $26 million outflow, Van Eck’s HODL encountered a $6 million outflow, indicating consecutive losses, and WisdomTree’s BTCW had a $3.2 million outflow. These ETFs are based in Europe and trade on various exchanges across the continent.

The total inflows for the ETFs have reached $7.9 billion, equivalent to 152,630 BTC. This indicates that investors are flocking to Bitcoin ETFs as a convenient and regulated way to gain exposure to the leading cryptocurrency, especially as the price nears its all-time high and the market anticipates more adoption and innovation in the space.

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