- Fidelity’s Bitcoin ETF saw its largest daily inflows in 2 weeks at $279 million on March 26, leading other Bitcoin spot ETFs.
- Grayscale’s Bitcoin Trust continued to see outflows, losing $21 million on March 26, while its competitors saw net inflows.
- Four Bitcoin ETFs made the list of the 30 largest asset funds by AUM in their first 50 days, showing the rapid rise and adoption of crypto ETFs.
The spot Bitcoin exchange-traded funds (ETFs) market is seeing a resurgence in interest from investors. After five consecutive days of net outflows, fresh capital is now flowing back into the 10 recently approved United States spot Bitcoin ETFs.
ICYMI: Spot #Bitcoin ETFs saw $418 million in inflows yesterday, recovering ~50% of its outflows from the previous 5 trading days
— BlockNews.com (@blocknewsdotcom) March 27, 2024
Fidelity Leads the Pack
Fidelity‘s Bitcoin ETF posted its largest day of gains in over two weeks, leading the pack with $279 million in daily inflows on March 26. This marked the second consecutive day the fund saw inflows exceeding $260 million, as Fidelity snapped up an additional 4,000 BTC.
Other Strong Performers
Additionally, BlackRock‘s fund attracted $162 million in inflows on March 26. However, its daily inflows remain low compared to earlier inflows this month, which averaged over $300 million per day.
Ark 21Shares’ Bitcoin ETF fund had its best day since March 12, notching $73 million in inflows. Meanwhile, Invesco, Galaxy, Franklin Templeton, and Valkyrie all saw more than $26 million in inflows across their respective funds.
Grayscale Continues to Bleed
Grayscale’s Bitcoin Trust (GBTC) continued to see outflows, losing $21 million on March 26. However, this was not enough to outweigh the net inflows of its competitors. Since converting from a trust to an ETF on Jan 11, Grayscale has shed a whopping 277,393 BTC worth roughly $19.5 billion at current prices.
The Rise of Bitcoin ETFs
According to Bloomberg ETF analyst Eric Balchunas, four Bitcoin ETFs made the list of the 30 largest asset funds by AUM in their first 50 days of trading. Even Bitwise’s relatively small Bitcoin ETF is larger than the world’s biggest gold ETF.
On March 26, Hashdex became the 11th approved Bitcoin ETF issuer in the US after converting its futures fund to a spot product. The rapid rise of Bitcoin ETFs highlights the growing mainstream adoption of crypto assets.
