Summary
TLDR: BlackRock’s bitcoin ETF sets a record for net inflows with $520 million in one day, surpassing previous high of $493 million. Total net inflows for US bitcoin funds exceed $6.7 billion. Market rally boosts bitcoin price to $60,400. GBTC remains the largest bitcoin fund with $25 billion in assets, but has seen $7.6 billion in outflows due to high fees. Bitcoin ETFs may see more flows once included on national account platforms.
Key Points
1. BlackRock’s bitcoin ETF set a new record for net inflows with $520 million in a single day, surpassing the previous high of $493 million set on Feb. 13.
2. The total net inflows for all 10 US spot bitcoin funds reached $577 million on Tuesday, the third highest daily inflow behind the funds’ first day of trading on Jan. 11 and Feb. 13.
3. BlackRock’s bitcoin ETF now has over $8 billion in assets under management, second only to Grayscale Bitcoin Trust ETF which has about $25 billion despite experiencing $7.6 billion in net outflows due to its higher fees.