Spot Bitcoin ​ETFs recorded daily net inflows of $673 million, led by BlackRock’s IBIT.

The U.S. spot Bitcoin exchange-traded fund recorded a record net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million set on its launch day on January 11.

BlackRock’s IBIT Spot Bitcoin ETF dominated flows, adding $612.1 million, the highest inflow to date, according to data from BitMEX Research. Fidelity’s FBTC came in second with $245.2 million, and Ark Invest 21Shares’ ARKB came in third with $23.8 million.

Despite record net inflows, there were $216.4 million outflows from Grayscale’s high-yield GBTC fund (the largest since Jan. 30) and $3.4 million from VanEck’s HODL products. The remaining funds each recorded inflows of less than $10 million on Wednesday.

Yesterday’s figures show total net inflows across all spot Bitcoin ETFs reached nearly $7.4 billion, according to BitMEX Research.

“There are new record inflows into the Cointucky Derby Bitcoin ETF! IBIT itself generated record revenues of $612 million. Bloomberg ETF analyst James Seyffart earned $673 million on a net basis. This surpassed the first-day record of $655 million. Additionally, IBIT’s assets exceeded $9 billion.”

BlackRock has over 150,000 BTC under management and Fidelity has over 100,000 BTC.

Following record inflows yesterday, BlackRock’s IBIT fund has reached more than 150,000. BTC

+6.94%
($9.4 billion) under management, and Fidelity’s FBTC assets exceed 100,000 BTC ($6.3 billion). According to K33 Research analyst Vetle Lunde.

I am managing BTC. Image: K33 Research.

Excluding Grayscale’s converted GBTC fund, the nine newly created spot Bitcoin ETFs currently have over 330,000 BTC in assets under management, with approximately 30,000 BTC ($1.9 billion) added in two days.

The US Spot Bitcoin ​ETF holds a total of 768,280 BTC ($4.8 billion), with net inflows of 149,080 BTC ($937 million) since launch. Assets held by Grayscale’s converted GBTC fund have fallen 29% since January 11, from about 619,000 BTC ($39 billion) to just under 441,000 BTC ($28 billion), according to CoinGlass data.

This is the BTC held by all US spot Bitcoin ETFs. Image: K33 Research.

Global net inflows for all Bitcoin exchange-traded products reached 6,038 BTC ($380 million) on Wednesday, according to Lunde. “Significant outflows from Volatility Shares and significant outflows from Purpose offset some of the impact of BlackRock’s massive $612 million inflow,” he said.

Bitcoin ​​ETP daily flow by region. Image: K33 Research.

The global Bitcoin ETP currently holds 980,000 BTC ($61.6 billion) with nearly 1 million BTC under management, with 133,300 BTC ($8.4 billion) added so far this year, Lunde added.

Bitcoin managed by an investment vehicle. Image: K33 Research.

Spot Bitcoin ​​ETF records daily trading volume

As The Block previously reported, U.S. spot Bitcoin ETFs also saw record trading volume on Wednesday as the price of Bitcoin soared to $64,000 before a correction.

ETFs recorded $7.61 billion in total volume on Wednesday, breaking the previous record of $4.54 billion set on Jan. 11, the first day of trading, according to The Block’s data dashboard.

BlackRock’s IBIT again led the market with trading volume of $3.32 billion. This is more than double the previous record. Grayscale’s GBTC generated $1.84 billion in volume and Fidelity’s FBTC generated $1.43 billion.

“The total number of transactions has also doubled,” Bloomberg ETF analyst Eric Balchunas said of the nine new spot Bitcoin ETFs. “There were over 500,000 individual transactions.” “IBIT alone > QQQ (Invesco ETF tracking Nasdaq-100 index).”

“Bitwise, Invesco, and ARK’s Bitcoin ETFs all broke individual trading volume records again today,” Balchunas added. “I asked some market makers and most said this volume is a function of natural demand versus algo/arbitrage type volume. To quote Buffalo Springfield, ‘Something’s happening here.’”

Currently, the cumulative trading volume of U.S. spot Bitcoin ​ETFs reaches $65.64 billion.

According to The Block’s price page, Bitcoin is currently trading at $62,486. The largest cryptocurrency by market capitalization rose another 5% in the last 24 hours. The price of Bitcoin is currently up more than 22% over the past week and 48% since the beginning of the year. This is 10% below the previous high of around $69,000 set in November 2021.

BTC/USD price chart. Image: Block/TradingView.

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