Bitcoin spot ETFs set a new record, recording net inflows of over $1 billion, helping the Bitcoin price climb to new heights. This record underlines the accelerating adoption of Bitcoin and its ETFs.
The adoption of Bitcoin spot ETFs shows no signs of stopping
On Tuesday, March 12, 2024, spot Bitcoin ETFs experienced their busiest day since their approval last January, recording over $1 billion in net incoming volume, equivalent to 14,706 Bitcoins.
The accumulation of such a volume of entries has probably contributed to the rise in the Bitcoin price, which has reached a new all-time high now set at $73,650 and 67,437 euros.
February 28, 2024 was so far the best-performing day for ETFs, with $673 million in net inflows. This new record represents an increase of around 60% in net inflows.
1/4] Bitcoin ETF Flow – 12 March 2024
All data in. Record day with over $1 billion of net inflow. Blackrock with a record $849 million of inflow pic.twitter.com/dKFmM3Qvaa
– BitMEX Research (@BitMEXResearch) March 13, 2024
Since their launch, Bitcoin spot ETFs have totaled a net volume of $10.32 billion in inflows, and accumulated over 4% of the total supply of Bitcoins in circulation.
Interestingly, as the Bitcoin price rises, the amount of new BTC accumulated daily by the various ETFs decreases proportionately.
For example, on the day of their launch, spot Bitcoin ETFs recorded $655 million in net inflows, for a total of 14,193 BTC. The amount of Bitcoins accumulated yesterday, although a record in dollar terms, nevertheless totalled the same number as on launch day. But thanks to the rise in the BTC price, the dollar amount is much higher.
