NEW YORK, March 13, 2024 — Following a record-setting day for Bitcoin ETFs, assets under management in BlackRock’s iShares Bitcoin Trust (IBIT) have surged to approximately $15 billion. This significant increase in assets comes after the entire group of 10 US spot Bitcoin ETFs collectively achieved a new daily net inflow record, with over $1 billion flowing into these funds on Tuesday.

The standout performer in this record-breaking influx was BlackRock’s iShares Bitcoin Trust (IBIT), which alone attracted an unprecedented $849 million in daily inflows, according to BitMEX Research data. This new high underscores IBIT’s dominant position in the Bitcoin ETF market. The Ark 21Shares Bitcoin ETF (ARKB) and the VanEck Bitcoin Trust also saw notable inflows, with $93 million and $83 million entering these funds, respectively.

VanEck’s ETF saw a boost in investor interest following the company’s announcement that it would waive its 0.20% sponsor fee on the first $1.5 billion in assets until March 31, 2025. This strategic move appears to have positively influenced investor sentiment and contributed to the increased inflows.

On the other hand, Grayscale Investments’ Bitcoin Trust ETF (GBTC), which has experienced substantial outflows totaling over $11.1 billion since its conversion to an ETF on January 11, reported $79 million in outflows on Tuesday. This figure represents a significant reduction from the $494 million outflows recorded the previous day.

The $1 billion in net inflows across the 10 US spot Bitcoin ETFs far surpassed the previous daily record of $673 million set on February 28, as documented by BitMEX. This dramatic surge in ETF investments coincides with Bitcoin’s continued price climb, which has reached new all-time highs over the past eight days. As of Wednesday morning at 7 a.m. ET, Bitcoin’s price was around $73,300, reflecting a 15% increase from the previous week, and briefly surpassed $73,600, setting another record.

As a result of this inflow surge, BlackRock’s IBIT saw its assets under management rise above $15 billion by market close on Tuesday, making it the second-largest Bitcoin ETF by assets, trailing only behind GBTC, which holds approximately $27.7 billion. The Fidelity Wise Origin Bitcoin Fund (FBTC) is the third-largest in the group, managing around $9.2 billion in assets.

Tuesday also marked the second-highest trading volume day for the 10 US spot Bitcoin ETFs, according to Bloomberg Intelligence data. Investors traded roughly $8.5 billion worth of ETF shares, with IBIT accounting for nearly half of this volume, approximately $4 billion. This high trading activity further highlights the strong investor interest and ongoing momentum in the Bitcoin ETF market.