BTC ETF Inflow Reaches $472 Million, Fidelity's FBTC Leads the Way

The cryptocurrency market witnessed a substantial influx of funds into BTC ETFs, with the total inflow reaching a staggering $472 million, according to renowned analyst WhalePanda's recent tweet. This surge in investment was highlighted in the analysis by Farside Investors for March 7, 2024. Notably, the day marked a positive trend for this sector, with a net inflow of $472 million.

Surprisingly, Fidelity's FBTC outperformed expectations, surpassing BlackRock's IBIT with a remarkable $473.4 million inflow. This marked Fidelity's best performance since launching spot BTC ETFs in January of the current year. In contrast, BlackRock only managed to secure an inflow of $244 million.

Meanwhile, outflows from GBTC Grayscale surged to $374.8 million, compared to the previous day's $276.2 million. The total outflow from GBTC Grayscale has now exceeded $10.25 billion.

Despite the substantial inflow of nearly $500 million in a day, the value of Bitcoin (BTC) remained stable. WhalePanda noted that such patterns were observed previously and hinted at a consolidation phase before the next upward movement, possibly starting on Monday, March 11.

There are significant rumors circulating that BlackRock intends to purchase Bitcoin ETFs through its other funds. However, there are no indications yet that the influx of funds into "digital gold" will decrease.

As of 13:10 Moscow time on March 8, 2024, Bitcoin's prices surged by almost 1% over the past 24 hours, trading at $67,340. The market capitalization of the digital asset reached $1.32 trillion, with traders conducting transactions worth over $42.25 billion in the last 24 hours. Bitcoin dominance in the market stood at 52.2%, while the fear and greed index remained at 88 out of 100.