Bitcoin ETFs Gained Record $673 Million in One Day Amid BTC Rally

The newly approved funds continue to be wildly popular, led by BlackRock.

2 min read

Feb 29, 2024

BlackRock’s newly approved Bitcoin exchange-traded fund (ETF) continues to steal the show: the hot digital commodity received over $612 million in inflows just yesterday.

There was enough good news to spread around: the 10 spot Bitcoin ETFs collectively experienced $673.4 million in inflows, BitMEX Research shows—although BlackRock’s new fund is by far the most popular.

When trading closed yesterday, over $3.3 billion in iShares Bitcoin Trust (IBIT) shares had traded hands, according to Nasdaq data. BlackRock’s iBIT now shows over $8.5 billion in assets under management.

Of the 11 spot Bitcoin ETFs that received the green light in January from the Securities and Exchange Commission, 10 are trading and receiving inflows.

The huge inflows have been offset by outflows from Grayscale’s Bitcoin fund, though. Over $216 million left the fund yesterday. Grayscale’s entry previously operated like a closed-end fund, but when it converted to an ETF in January, investors were redeeming billions of dollars in shares.

That has slowed now—although the fund, which still has the most assets under management at $24.2 billion, is still experiencing outflows.

Interest in the funds is being driven by both institutional and retail investors, analysts told Decrypt. A news report dropped on Thursday that Bank of America Corp.’s Merrill arm and Wells Fargo & Co.’s brokerage unit are now offering Bitcoin ETF access to wealth management clients with brokerage accounts access.

The price of BTC yesterday surged to new highs, going as high as $63,434, according to CoinGecko, before a flash crash saw it drop to under $61,000 again.

It is now trading for $61,311, a 3% 24-hour rise and jump of more than 40% over the week.

Although it’s Bitcoin’s time back in the spotlight, investment firms are already looking for the next big thing. BlackRock is also trying to get approval for a spot Ethereum ETF, after having filed an S-1 with the SEC back in November.

Edited by Ryan Ozawa.

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