Bitcoin ETF

Bank AI

BlackRock

<p class="is-style-lead">Bitcoin ETF investors parked a record amount of money into BlackRock’s fund on the day crypto’s leading token achieved a new all-time high before retracing up to 10%.</p> 
<p>BlackRock’s iShares Bitcoin ETF (IBIT) <a href="https://x.com/EricBalchunas/status/1765367976407282153?s=20" target="_blank" rel="noreferrer noopener">received</a> $788 million in net inflows on Mar. 5, setting a new historical high for daily influx into the investment vehicle as traders seemingly capitalized on a market dip.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">btw for context on relative size of <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$IBIT</a>'s cash haul, it now ranks 2nd among all ETFs in 1D flow, 1W flow, 1M flow and 3rd in YTD flows.</p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1765367976407282153?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to SoSoValue, the IBIT ETF has seen over $9 billion in all-time inflows and commands nearly $12 billion in assets under management (AUM). The AUM is underpinned by over 183,000 Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) acquired by the asset manager since Jan. 11, when trading officially opened.&nbsp;</p> 
<p>BlackRock’s largest daily inflow also signaled its biggest BTC scoop, acquiring nearly 12,600 Bitcoin in a single day. The previous highest purchase was on Feb. 28 when the Bitcoin ETF issuer bought over 10,140 BTC for its IBIT fund.</p> 
<p>Per crypto.news, BlackRock plans to <a href="https://crypto.news/blackrock-seeks-to-purchase-more-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">invest</a> in more BTC ETFs through its Strategic Income Opportunities Fund. The Wall Street titan disclosed its intentions via a Mar. 4 filing with the U.S. SEC just days after announcing its <a href="https://crypto.news/bitcoin-etf-blackrock-brazil/" target="_blank" rel="noreferrer noopener">Bitcoin ETF</a> plans in Brazil.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="399" src="https://crypto.news/app/uploads/2024/03/Screenshot-310-1024x399.png" alt="Bitcoin ETF" class="wp-image-14256113">
 <figcaption class="wp-element-caption">
  Mar. 5 spot BTC ETF flows | Source: <a href="https://sosovalue.xyz/assets/etf" target="_blank" rel="noreferrer noopener">SoSoValue </a>
 </figcaption>
</figure> 
<p> You might also like: <a href="https://crypto.news/bitcoin-etf-gold-investing/"> Traditional investors prefer Bitcoin ETFs to gold </a> </p> 
<h2 class="wp-block-heading" id="asset-managers-make-u-turn-on-bitcoin-etfs">Asset managers make U-turn on Bitcoin ETFs</h2> 
<p>As IBIT marked record inflows, Grayscale’s GBTC continued to experience outflows, as the converted ETF shed $332 million. All 10 spot BTC ETFs noted $648 million in net inflows, while investors have liquidated over $9 billion from GBTC.&nbsp;</p> 
<p>Other institutions have also started hopping on the BTC ETF bandwagon after the products have accumulated over $20 billion in AUM, excluding Grayscale’s GBTC. According to a Dune Analytics dashboard, spot Bitcoin ETFs account for almost 4% of BTC’s current supply.&nbsp;</p> 
<p>Bank of America’s Merrill Lynch, Citi Bank, UBS, and Wells Fargo <a href="https://crypto.news/bank-of-america-wells-fargo-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">announced</a> that, due to customer demand, select clients could purchase spot BTC ETFs. However, the legacy institutions initially <a href="https://crypto.news/vanguard-other-tradfi-giants-boycott-spot-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">shunned</a> the product after the launch.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="474" src="https://crypto.news/app/uploads/2024/03/Screenshot-311-1024x474.png" alt="BlackRock Bitcoin ETF hits record $788m daily net inflows&nbsp; - 20" class="wp-image-14256115">
 <figcaption class="wp-element-caption">
  spot BTC ETF on-chain data | Source: Dune Analytics, Hildobby
 </figcaption>
</figure> 
<p> Read more: <a href="https://crypto.news/bank-of-america-wells-fargo-bitcoin-etfs/"> Bank of America, Wells Fargo add spot Bitcoin ETFs to offering </a> </p>

BlackRock Bitcoin ETF hits record $788m daily net inflows

Table of Contents

crypto.news

Other articles published on Mar 6, 2024

After BTC breaks through $6.8W and approaches a historic height, what will happen in March?

Exploring the Surge of Meme Cryptocurrencies

Economist Claims Bitcoin Will Kill MicroStrategy Despite $6.7 Billion in Profits

What Bitcoin’s sharp correction from $69k tells you

Arizona Senate Reviews Bill to Add Bitcoin ETFs to Pension Investments

ABBC Coin (ABBC) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!