March 12 marked another milestone for spot bitcoin exchange-traded funds (ETFs) in the United States, with net inflows crossing a record $1 billion in a single day, according to data from BitMEX Research.
Blackrock’s IBIT product, which recently surpassed 200,000 BTC in assets under management, led the charge with a record $849 million inflow. This surge in inflows underscores the growing investor appetite for bitcoin exposure through regulated ETFs.
In total, net bitcoin ETF inflows since the inception of these products on Jan. 11, 2024, have now reached $4.1 billion. The dominance of spot bitcoin ETFs in the market is evident, with these products commanding over 90% of the daily trading volume market share for ETFs offering bitcoin exposure—an all-time high. In contrast, bitcoin futures ETFs now hold just 10% of the market share.
George Calle, VP of Research at The Block, commented on the achievement, stating, “To see more than $1 billion of net inflows, a new record, more than a month since launch is nothing short of impressive for any ETF.”
Brian Rudick, a GSR Research Analyst, highlighted the success of U.S. spot Bitcoin ETFs, stating, “Their $10 billion-plus of inflows in just two months is approaching what most thought they would do in the first year.” He pointed out potential factors contributing to further inflows, such as increased issuer sales efforts and the integration of these products into wealth manager offerings.
The success of spot bitcoin ETFs reflects growing institutional and retail interest in gaining exposure to bitcoin in a regulated and accessible manner. As these products continue to gain traction, they are reshaping the landscape of cryptocurrency investment.
