US Bitcoin exchange-traded funds (ETFs) saw an extraordinary 18-day streak of positive inflows in March, setting a new record. This surge in demand helped propel the leading digital asset to unprecedented highs.
Since their launch on January 11, Bitcoin ETF investments have reached $15.6 billion, totaling assets of $62.3 billion. The Bitcoin funds managed by BlackRock Inc. and Fidelity Investments have emerged as standout performers in the ETF industry, marking a significant shift in the cryptocurrency landscape from Asia to the US.
Market analysts are optimistic about Bitcoin’s potential to surpass its previous all-time high of $73,798 this month, driven by the increasing demand for ETFs and expectations of a potential interest rate cut by the Federal Reserve.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, noted the significant inflows into Spot Bitcoin ETFs, attributing it to favorable macroeconomic conditions and signs of disinflation amid slowing economic growth.
Recently, BlackRock’s $21.4 billion iShares Bitcoin Trust surpassed Grayscale Investments LLC’s $20.1 billion Bitcoin fund to become the world’s largest fund for the token, with Fidelity Wise Origin Bitcoin Fund trailing as the third largest at $12.3 billion.
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