Bitcoin BTC/USD spot exchange-traded funds are continuing their strong net inflows trend, challenging the top spot held by Grayscale's Bitcoin Trust GBTC.
What Happened: According to data from SoSoValue, total net inflows into Bitcoin spot ETFs on March 7 reached a staggering $472 million.
This surge is further emphasized by the robust single-day net inflow of $473 million witnessed by Fidelity Wise Origin Bitcoin Fund FBTC, effectively offsetting the $374 million net outflow from Grayscale's GBTC.
This trend reflects a broader shift in investor sentiment.
The total net asset value of Bitcoin spot ETFs has now surpassed $54 billion, and the historical cumulative net inflow stands at a remarkable $9.37 billion.
These figures have helped Bitcoin set another all-time high in Friday's trading, briefly crossing the $70,000 mark.
In addition to these developments, Grayscale's investment products, including the Grayscale Chainlink Trust (GLNK), Grayscale Livepeer Trust (GLPT), and Grayscale Solana Trust (GSOL), have achieved a new status by qualifying for trading on the OTCQX Best Market, having been upgraded from the OTCQB risk market.
Also Read: Did Tesla Buy More Bitcoin? Mysterious Wallet Increase Sparks Speculation
Why It Matters: This advancement reflects the growing acceptance and maturation of cryptocurrency-based investment products in broader financial markets.
The landscape of Bitcoin investment is further enriched by the emergence of nine new spot Bitcoin ETFs, which collectively manage 390,525.3 Bitcoin, valued at over $26 billion.
These funds are rapidly closing in on the holdings of the Grayscale Bitcoin Trust, which currently possesses 405,713.31 Bitcoin.
Since their launch on Jan. 11, 2024, these ETFs have shown notable growth, challenging the dominance of traditional players like Grayscale.
Blackrock's IBIT IBIT fund leads among these ETFs with 191,132.03 BTC, followed by Fidelity's FBTC and Ark Invest's ARKB, highlighting a diverse and competitive field.
The collective holdings of these ETFs, along with GBTC, now represent more than 4% of the total circulating Bitcoin supply, indicating a significant concentration of Bitcoin within these investment products.
Read Next: SEC Chair Gary Gensler Declines To Say Whether Ethereum Is A Commodity: 'It's About Circumstances'
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