BlackRock’s iShares ETFs record $788M net inflow as Bitcoin bull run gathers pace

Out of 10 approved ETFs, Grayscale Bitcoin Trust (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO) were the only two record net outflows on March 5, worth $332.5 million and $14.2 million, respectively.

The iShares exchange-traded funds (ETFs) by BlackRock (IBIT) recorded its highest daily inflow of $788 million on March 5, exceeding its previous all-time high inflow of $612.1 million from Feb. 28.

The Bitcoin ecosystem reached two landmark milestones — a new Bitcoin (BTC) all-time high of $69,324 and an influx of spot BTC ETF investments in the United States. Data from investment management company Farside showed a total inflow of $648.3 million on the day Bitcoin reached its ATH.

Out of 10 approved ETFs, Grayscale Bitcoin Trust (GBTC) and Invesco Galaxy Bitcoin ETF (BTCO) were the only two record net outflows on March 5, worth $332.5 million and $14.2 million, respectively.

The day’s net inflows were primarily fueled by IBIT, and supported by Fidelity Wise Origin Bitcoin Fund ($125.6 million), Bitwise Bitcoin ETF ($3.7 million), ARK 21Shares Bitcoin ETF ($63.7 million), Franklin Bitcoin ETF ($3.6 million), VanEck Bitcoin Trust ETF ($3.5 million) and WisdomTree Bitcoin ETF (6.6).

Valkyrie Bitcoin ETF, on the other hand, recorded $0 in inflows. In total, the Bitcoin ETF ecosystem has netted $8.5 billion in inflows to date, even after considering GBTC’s consistent outflows, which now cumulatively stands at $9.6 billion.

Historical data confirms that IBIT and Franklin Bitcoin ETF (FBTC) bring in the largest inflows to the ecosystem, in addition to never reporting net outflows. IBIT and FBTC contributed $9.16 billion and $5.3 billion in total as of March 5.

In contrast, Grayscale’s GBTC Bitcoin holdings have fallen 33%, from 620,000 BTC at the time its GBTC fund was converted into an ETF to about 420,680 BTC at the time of writing.

Related: SEC pushes back BlackRock, Fidelity spot Ethereum ETF proposals

Supported by heavy investments and an ongoing bull run, the trading volume of the U.S. spot BTC ETF recorded $10 billion in trading volume.

“These are bananas numbers for ETFs under [two months] old,” Bloomberg ETF analyst Eric Balchunas said in a March 5 X post reporting the figures.