Bitcoin

Spot

Grayscale Bitcoin Trust

<p>Spot Bitcoin exchange-traded funds (ETFs) created a new record with $10 billion in trading volumes as BTC surged to a new all-time high above $69,000 before slumping.</p>
<p>BlackRock’s $IBIT ETF hit a new record with $788 million in inflows on March 5 followed by Fidelity’s FBTC with $125 million.</p>
<p>Despite Grayscale’s $322 million outflows, spot Bitcoin ETFs recorded a total net inflow of $648 million, which is the largest single-day inflow since launch on Jan. 11.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Bitcoin ETF Flow – 5 March 2024</p>
 <p>All data in. $648m total net inflow for the day. Largest inflows since day 1. Blackrock with a record +$788.3 million day. <a href="https://t.co/zOJ5Y5XsEx" rel="noopener noreferrer nofollow">pic.twitter.com/zOJ5Y5XsEx</a></p>
 <p>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1765267365686567065?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 6, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>“These are bananas numbers for ETFs under two months old,” said Bloomberg ETF analyst, Eric Balchunas.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">MILESTONE: the ten Bitcoin ETFs did $10b in volume today, smashing prev record set last Wed.. Volatility and volume go hand in hand with ETFs so not totally surprised. That said these are bananas numbers for ETfs under 2mo old. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a>, <a href="https://twitter.com/search?q=%24FBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FBTC</a>, <a href="https://twitter.com/search?q=%24BITB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BITB</a>, <a href="https://twitter.com/search?q=%24ARKB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ARKB</a> all w record days. <a href="https://t.co/rIdbhoYifV" rel="noopener noreferrer nofollow">pic.twitter.com/rIdbhoYifV</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1765121689036427654?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 5, 2024</a></p>
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<p>BlackRock’s IBIT ETF was the fourth-most traded ETF of all such investment vehicles in the US while the Grayscale Bitcoin Trust ETF was the seventh-most traded. The Proshares BTC Strategy ETF took the tenth position, according to <a href="https://www.barchart.com/etfs-funds/volume-leaders/price-leaders?orderBy=priceVolume&amp;orderDir=desc" target="_blank" rel="noopener noreferrer nofollow">Barchart</a> data.</p>
<h2 id="grayscale-outflows-continue">Grayscale Outflows Continue</h2>
<p>Despite apparent high interest in spot BTC ETFs, Grayscale continues to post outflows, which have now hit $10 billion since launch.</p>
<p>However, the digital asset manager still has the same number of assets as it did when its ETF launched because of the surge in the Bitcoin price.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">“While Grayscale is losing investors it has more assets than when it launched, a phenomenon we call the bull-market subsidy.” –<a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@EricBalchunas</a></p>
 <p>Nice look at how Grayscale's high fee gambit is paying off.</p>
 <p>Incl some color from yours truly.</p>
 <p>via <a href="https://twitter.com/AdMcMarkets?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@AdMcMarkets</a> <a href="https://t.co/DZMb5UT9MD" rel="noopener noreferrer nofollow">https://t.co/DZMb5UT9MD</a> <a href="https://t.co/CNfbTTGqBX" rel="noopener noreferrer nofollow">pic.twitter.com/CNfbTTGqBX</a></p>
 <p>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1765100865872900485?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 5, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>According to Balchunas, the “bull market subsidy” has seen Grayscale assets rise in value amid the recent Bitcoin gains. The trend has also seen Grayscale reap high revenues from its Bitcoin ETF given it has the highest fees.</p>
<h2 id="bitcoin-rallies-to-an-all-time-high-before-swift-correction">Bitcoin Rallies to an All-Time High Before Swift Correction</h2>
<p>The record ETF volumes coincided with Bitcoin’s rally to a new all-time high above $69,000.</p>
<p>However, the king of crypto failed to sustain the rally and plunged below $61,000.</p>
<p>The dip appears to have created a buying opportunity as BTC is trading in the green again. BTC price was trading at $67,518 at 03:41 EST.</p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/bitcoin-market-cap-hits-new-all-time-high-overtakes-saudi-arabias-gdp-and-metas-valuation-igniting-new-altcoin-season" rel="noopener noreferrer nofollow">Bitcoin Market Cap Hits New All-Time High, Overtakes Saudi Arabia’s GDP And Meta’s Valuation, Igniting New Altcoin Season</a></li>
 <li><a href="https://insidebitcoins.com/news/michael-saylor-says-bitcoin-etfs-and-ai-will-ignite-a-decade-long-gold-rush-for-btc" rel="noopener noreferrer nofollow">Michael Saylor Says Bitcoin ETFs And AI Will Ignite A Decade-Long “Gold Rush” For BTC</a></li>
 <li><a href="https://insidebitcoins.com/news/bitcoin-cash-price-prediction-for-today-march-5-bch-technical-analysis" rel="noopener noreferrer nofollow">Bitcoin Cash Price Prediction for Today, March 5 – BCH Technical Analysis</a></li>
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Spot Bitcoin ETFs Hit Record $10 Billion In Trading Volume As Bitcoin Goes On A Rollercoaster Ride

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