It seems that after the price of Bitcoin rose above $68,000, the popularity of exchange-traded funds like the Spot Bitcoin ETFs increased. This resulted in net inflows of more than $562 million on March 4.
Although the inflow of capital this time will not be the largest, it also shows the continued popularity of Bitcoin funds, including Grayscale Bitcoin Trust (GBTC) with inflows of $368 million, BlackRock's IBIT fund with inflows of $420 million, and Fidelity's FBTC fund saw the largest. Inflows worth $404 million.
Interestingly, today's Bitcoin ETF trading volume is the second highest since its launch. At the same time, various funds gradually bought and stored large amounts of Bitcoin. As a result, institutional funds currently hold about 5.13% of the total circulating supply of Bitcoin.
Additionally, it only took two months for the Bitcoin ETF to reach net inflows of $7.5 billion. While BlackRock's IBIT ETF saw total inflows of $10 billion, the gold ETF took nearly two years to reach that number.
As Bitcoin ETFs continue to rise, BlackRock announced a purchase of Bitcoin for its Strategic Income Opportunities Fund in preparation for next month's Bitcoin halving. This will increase the demand for coins.
source: Cointelegraph
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