BlackRock’s IBIT Leads Bitcoin ETFs to Six Consecutive Days of Inflows

BlackRock’s iShares Bitcoin Trust (IBIT) continued its streak of strong inflows, leading Bitcoin ETFs for six consecutive trading sessions. By March 22, the 12 Bitcoin ETFs collectively held $94.35 billion worth of BTC, accounting for approximately 5.65% of Bitcoin’s total market capitalization. 

On March 21 alone, the 12 ETFs tracked, Blackrock’s IBIT accrued close to $105 million. Like the inflow count, IBIT contributed the most to the rise in trading volume, which settled at $1.3 billion by the same date.

Overall, Bitcoin ETFs performed fairly well this week, drawing in more than $785 million in the last six days, including about $83 million on March 21.

IBIT pulled in over $104 million in inflows on March 21

According to Sosovalue, cumulative net ETF inflows stood at $36.05 billion as of March 21, with institutional investor interest in Bitcoin picking up. Blackrock’s IBIT contributed the most to the net inflows count, having accumulated over $104.99 million on the 21st, bringing its total net inflows to almost $40 billion.

Fidelity Capital comes second to IBIT with total net inflows of $11.48 billion, though it had no inflows on March 21.

The other ten funds showed little or no change over the past six inflow sessions. However, by March 22, the 12 funds collectively held $94.35 billion worth of BTC.

According to Farside Investors, the Bitcoin ETFs saw inflows of $785 million in the last week, with BlackRock IBIT accumulating over $486 million. Meanwhile, Fidelity’s FBTC saw $70 million in inflows, while Ark Invest’s ARKB accumulated just over $100 million in inflows during this period.

However, on Friday, U.S. spot ether ETFs witnessed outflows of about $18.63 million. Analysts pointed out the outflows were caused by Blackrock’s ETHA and Grayscale’s ETH Mini Trust, which recorded losses of $11.94 million and $6.69 million, respectively.

Bitcoin is seeing rising institutional demand

The institutional demand for Bitcoin has grown quickly, with BTC demand at its highest levels since the collapse of the FTX exchange in 2022. Since February 23 this year, new investors have bought over 172,705 BTC.

Crypto analyst Trader T even expects investors to pull in funds from US pension funds and Target Date Funds (TDFs). According to Grok’s analysis, the analyst believes that these sources will flow about $103 to 122 billion into the US equity market. He even claimed that people could allocate 5% to 10% of this amount, roughly $1 to $2 billion, to Bitcoin and other cryptocurrencies.

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