Spot Bitcoin ETFs witness unprecedented success as net inflows reach a staggering $1.05 billion in a single day, propelling Bitcoin price to a new all-time high of $73,000. The surge in ETF activity marks a significant milestone in the cryptocurrency market, underscoring the growing investor appetite for digital assets.
Spot Bitcoin ETFs Shatter Records: A Day of Remarkable Inflows
March 12 proves to be a watershed moment for spot Bitcoin ETFs, with net inflows soaring to an unprecedented $1.05 billion, as reported by SoSoValue. This surge in inflows coincides with the second-highest trading volume day for these ETFs, indicating robust investor interest in Bitcoin and related investment vehicles. Notably, the influx of over $1 billion represents the highest single-day net inflow since the inception of Bitcoin ETFs in the United States.
Bitcoin Price Hits New Heights: Reaching $73K Milestone
Bitcoin’s meteoric ascent continues unabated as its price surges over 2% within 24 hours, smashing through the $73,000 barrier to establish a new record high. The cryptocurrency’s resilience and bullish momentum reflect the confidence of investors amidst a backdrop of growing institutional adoption and favourable market dynamics.
Spot Bitcoin ETFs Fuel Market Frenzy
The unprecedented net inflow of $1.05 billion into spot Bitcoin ETFs underscores the surging demand for digital assets among institutional and retail investors alike. Leading ETFs, including BlackRock’s iShares Bitcoin ETF (IBIT) and VanEck Bitcoin Trust ETF (HODL), witness substantial inflows, signalling a broader trend of capital influx into cryptocurrency investment vehicles. VanEck’s decision to slash management fees to 0% further amplifies investor interest, fueling competition among ETF providers.
Also Read: BlackRock’s Bitcoin ETF Surpasses MicroStrategy’s Cryptocurrency Reserves
Bitcoin Futures and Options Market Flourishes
In tandem with Bitcoin’s record-breaking performance, the futures and options market experiences heightened activity, with total open interest reaching unprecedented levels. CME Bitcoin futures open interest hits a new milestone of $11.47 billion, reflecting institutional appetite for Bitcoin derivatives despite concerns about elevated funding rates. Amidst predictions of Bitcoin’s eventual surge to $100,000, market sentiment remains buoyant, underscoring the enduring optimism surrounding the cryptocurrency’s future trajectory.