Spot bitcoin ETFs reach record highs for weekly inflows and trading volume
Weekly net inflows into U.S. spot bitcoin ETFs reached a record $2.57 billion last week.Trading volume also hit a record $35.1 billion for the week ending on March 15.
Net inflows for the ten spot bitcoin ETFs combined reached $2.57 billion last week — up 15 % from the $2.24 billion worth of inflows generated the week prior — according to data from BitMEX Research and Farside Investors .
BlackRock’s IBIT continued its dominance, generating $2.48 billion in inflows. Fidelity’s FBTC came second with $717.9 million and VanEck’s HODL third with $247.8 million. However, Grayscale’s converted GBTC fund witnessed $1.25 billion in outflows, while Invesco’s BTCO also contributed $29.4 million in outflows.
Total net inflows since spot bitcoin ETF trading began on Jan. 11 now stand at just over $12 billion.
“Net inflows yesterday as the Boomers bought right into a nasty overnight 8% selloff like nobody’s business capping off a week that saw net $2.5 billion inflows and $35 billion in volume (both records),” Bloomberg ETF analyst Eric Balchunas said on Saturday.
Spot bitcoin ETFs witness the biggest weekly trading volume
Weekly trading volume for the U.S. spot bitcoin ETFs combined also hit a record $35.1 billion last week amid the volatility in bitcoin’s price action. Last week’s trading volume for the ETFs was 15% higher than the $2.24 billion registered in the prior week.
BlackRock’s IBIT ETF again led, generating a trading volume of $16.17 billion for the week. Grayscale’s GBTC and Fidelity’s FBTC generated $8.24 billion and $6.5 billion in trading volume, respectively, according to The Block’s Data Dashboard .
BlackRock’s spot bitcoin ETF is now approaching a 50% market share by trading volume, currently at 47%. Meanwhile, Grayscale’s higher-fee GBTC fund has slumped from a 50.5% market share on Jan. 11 to 23.1% as of Friday.
Cumulative trading volume for all spot bitcoin ETFs now stands at $141.7 billion .
Bitcoin price retreats from fresh all-time highs
The bitcoin price reached a fresh all-time high of $73,836 on Thursday before a sharp selloff saw the largest cryptocurrency by market cap fall over 12% to a low of $64,505 on Sunday. Bitcoin BTC +1.40% has since recovered slightly, trading for $67,718, according to The Block’s price page .
BTC/USD price chart. Image: The Block/TradingView .
The decline was also witnessed across the broader crypto market, with the GM30 index — representing the top 30 cryptocurrencies by market cap — falling 10% from a peak of 162.52 to a low of 146.52 last week. However, the index has been up considerably since late last year — currently trading at 151.85.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Just bet on AI and already faced a market blow! Berkshire reports earnings tonight, Abel faces a major test in his transformation
Greg Abel has been leading Berkshire Hathaway for less than a year, yet he has already made a bet of over $10.9 billion on the AI sector, marking a complete break from Buffett’s traditional avoidance of tech stocks. However, Alphabet’s stock price has fallen below their initial purchase cost, and Bending Spoons continues to decline, putting this bold AI gamble to the test. At the same time, third-quarter earnings per share are expected to drop 6% year-over-year, and the share repurchase program is likely to plummet from $4.5 billion to $1.6 billion. How to deploy $358 billion in cash will be a major challenge for the new leader’s capital allocation skills.
Has the AI bubble burst? Goldman Sachs: It's more like 1998 than 2000 right now
The Goldman Sachs trading desk stated that the current wave of sell-offs resembles the 1998 liquidity crisis more than the bursting of the 2000 bubble. It is a forced deleveraging rather than a refutation of business fundamentals. The market is drastically repricing construction financing and timeline expectations, rather than underlying demand. Moreover, the issues currently drawing the most attention from the market—electricity and licensing—are actually the least important, as limited supply does not equate to disappearing demand. The real question that needs to be answered is whether long-term revenues can ultimately justify the capital invested.
Pundit: XRP and XLM Holders, Do You Know How Big This Is?
Tesla Cybertruck: From Cracked Windows to Production Halt, a Three-and-a-Half Year Journey Ends
Since its launch in 2019, Cybertruck has been mired in controversy—ranging from a failed window demonstration on release day, a four-year delay in mass production, and its price rising from $39,900 to more than $100,000, along with a total of 11 recalls. The day before the halt of production was announced, Tesla raised the price once again, bringing a dramatic and intriguing end to the saga of this vehicle.
Crypto prices
More
