Bitcoin’s price continued with its recent upward momentum following the record $1 billion inflow into the US-based exchange-traded funds (ETFs) on Mar. 12.
According to CryptoSlate’s data, the flagship digital asset climbed to an all-time high of $73,637, resulting in significant losses of more than $100 million for traders speculating on its price during the past day.
This latest milestone marks a steady upward trend, with BTC’s price surging by approximately 10% in the past week and an impressive 47% over the last 30 days. Notably, these price surges coincide with a pivotal moment in Bitcoin’s history as it braces for the highly anticipated halving event, expected to enhance the asset’s scarcity significantly.
Moreover, the price surge has propelled all Bitcoin holders into profit, including those who entered the market recently. CryptoSlate also reported that the top digital assets might be poised for more gains. Its recent price movements have cleared most leveraged positions above $66,000, establishing a robust support level for natural price discovery above this mark.
ETFs see the most significant single-day inflow.
According to Farside data, Bitcoin ETFs’ substantial numbers show no signs of stopping, with these investment products seeing their most significant single-day inflow exceeding $1 billion on Mar. 12.
The standout performer among the Newborn Nine remains BlackRock’s iShares Bitcoin ETF (IBIT), witnessing a record flow of $849 million. This elevates its total assets under management to $15.4 billion, with the fund holding 215,000 BTC.
Following suit, ARK Invest’s ARKB and VanEck’s BRRR saw net inflows of $92.96 million and $82.93 million, respectively. Meanwhile, ETFs such as Fidelity’s FBTC and Bitwise BITB experienced more modest flows.
Conversely, Grayscale’s GBTC experienced outflows of approximately $78 million during the same period, while Invesco’s BTCO reported outflows of $19.7 million.
Industry analysts attribute these unprecedented inflows to a growing acknowledgment of Bitcoin as a legitimate asset class among institutional investors.
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