Spot BTC ETFs Attract $332 Million on March 6th
Date: 2024-03-07 Author: Dima Zakharov Categories: BLOCKCHAIN
Inflow Declines Significantly
The influx of funds into spot BTC ETFs witnessed a substantial drop on March 6, 2024, falling nearly 50% compared to the previous day. While hitting an impressive $648.4 million the day before, the figure plummeted to $332.1 million. This significant decline raises questions about the market's stability and investor confidence.
Top Performers and Market Trends
As of March 6th, IBIT from BlackRock emerged as the top performer, securing $281.7 million in funds. Following closely, FBTC from Fidelity attracted $205.7 million. Other notable performers included ARKB (Ark Invest), BRRR (Valkyrie), and BITB (Bitwise), gathering $41.3 million, $40.7 million, and $28.6 million, respectively. However, GBTC experienced a net outflow of $276.2 million, marking the lowest result in the past six trading sessions.
Total Assets Under Management
Current statistics reveal that IBIT manages a total of $12.59 billion in assets, leading the pack. Following IBIT, FBTC manages $7.79 billion, with ARKB closing the top three at $2.48 billion.
Cryptocurrency Market Overview
On March 7th, Bitcoin's cryptocurrency quotes dropped to $66,920, experiencing a 0.73% decrease over the last 24 hours. The total coin supply reached $1.31 trillion, with traders conducting transactions totaling $59.4 billion. Bitcoin's dominance stands at 52.1%, with the fear and greed index registering at 88.
Ethereum and Altcoin Movement
Ethereum (ETH), the second-largest cryptocurrency, witnessed a 1.35% decrease, trading at $3,805, with a market capitalization of $457.01 billion. Trading volumes amounted to $29.43 billion. Notably, Dogecoin (DOGE) and Shiba INU (SHIB) experienced significant declines of 11.15% and 14.7%, respectively, while BNB defied market trends, rising by 5.05%.
This news underscores the dynamic nature of the cryptocurrency market and the importance of closely monitoring trends and investor behaviors.
