Bitcoin ETFs kick off the week with a robust start, drawing in an impressive $562 million in investments.
The beginning of the week proved to be highly successful for Spot Bitcoin ETFs, as they attracted an impressive $562 million in inflows on Monday. This surge in investment comes as Bitcoin (BTC) experienced a remarkable 21% increase over the past week. BitMEX Research provided this information in their latest report on capital flows into the Bitcoin ETF market. Interestingly, despite the Grayscale Bitcoin Trust (GBTC) witnessing capital outflows, the market as a whole saw 8,377 BTC tokens, valued at $562.7 million, flowing in on March 4.
The leading contributors to this influx were BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). IBIT saw an impressive 6,224 BTC inflow, worth $420 million, while FBTC followed closely with an influx of 5,994 Bitcoin, valued at $404.6 million.
However, other options such as Invesco and Galaxy Digital’s BTCO, VanEck’s HODL, and WisdomTree’s BTCW experienced outflows. The largest outflow was seen in GBTC, which amounted to 5,451 BTC, equivalent to $368 million.
This recent cumulative inflow follows a negative flow of $192 million recorded last Friday, primarily due to GBTC’s substantial outflow of $492 million. With the latest $562 million inflow, the total cumulative flows to these spot Bitcoin ETFs have reached an impressive $7.915 billion since January 11.
The market has seen an unprecedented level of capital flows and trade volume. Notably, these products experienced two consecutive record highs in 24-hour volumes on February 25 and 26, with the latest figure reported to be $7.64 billion.
Amidst this success, BlackRock has plans to expand its offerings by partnering with the B3 stock exchange in Brazil to make its IBIT accessible to Brazilian investors. Additionally, a filing with the U.S. SEC has confirmed BlackRock’s intention to purchase more spot Bitcoin ETFs.
Meanwhile, BTC has continued to see significant gains over the past two weeks, driven by the increased demand from spot Bitcoin ETFs and investor speculation. Although the asset briefly reached $68,000 today, it faced rejection, resulting in a current price of $66,724.
