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On March 12th, spot Bitcoin ETFs experienced a surge in net inflow to hit an all-time high of $1.05 billion, according to data from SoSoValue. This surge marks the most significant single-day influx since the inception of Bitcoin ETFs in the United States. The ten Bitcoin ETFs also recorded their second-highest trading volume day, totaling $8.5 billion, marking a significant milestone in the cryptocurrency market. These events have since seen Bitcoin break past the $73K mark to hit another ATH.
Eric Balchunas, a senior ETF analyst at Bloomberg, reported that only five equities have witnessed trading volumes exceeding $8.5 billion. BlackRock's iShares Bitcoin ETF (IBIT) attracted $849 million in investments and propelled BlackRock's asset holdings by over $14.5 billion. VanEck's Bitcoin Trust ETF (HODL) announced a fee waiver for the next twelve months, further stimulating investor interest and attracting $82.9 million in investments.
Second biggest volume day for the ten and best day in the past five w/ $8.5b (only five stocks traded more). $IBIT went crazy again (double $GLD volume) but the middle of pack really seeing pick-up, $HODL and $BTCO did 150m and 250m, huge for them pic.twitter.com/BsGImq1xeq
— Eric Balchunas (@EricBalchunas) March 12, 2024
On the other hand, Genesis, a prominent cryptocurrency lender, saw a decline in GBTC outflows. The bankruptcy court authorized the sale of 35 million GBTC shares, worth $1.3 billion, with net outflows exceeding $11.12 billion.
Bitcoin soared to an all-time high of $73.6K at 9 a.m. London time, marking a 2.4% increase within 24 hours.
Despite ongoing consolidation sentiments due to high financing rates, analysts maintain an optimistic outlook, projecting Bitcoin's price to reach $100,000. Coinglass data reveals that total open interest (OI) in Bitcoin futures surged by over 3% to $36.97 billion, with CME Bitcoin futures OI hitting a new record high of over $11 billion.
🚀🚀🚀
— CoinGlass (@coinglass_com) March 13, 2024
CME #Bitcoin open interest once again hit a record high of $11.16 billion.
👉https://t.co/b1RbJ1A35P pic.twitter.com/q3QerNZbQ2
editor
A digital nomad exploring the limitless potential of decentralized finance in a centralized economy.