Two major Spot Bitcoin ETFs, BlackRock’s IBIT and Grayscale’s GBTC witnessed a significant surge in the pre-market trading session today. The spike comes after the Bitcoin ETFs registered strong inflows on Tuesday. Moreover, their prominent competitors, including VanEck’s HODL and Valkyrie’s BRRR, experienced a notable upswing.
BlackRock & Grayscale Bitcoin ETFs See A Rally
According to Yahoo Finance data, BlackRock’s iShares Bitcoin ETF recorded a gain of 3.90% as it was valued at $33.86 at press time in the pre-market trading session on Wednesday, February 28. Earlier, IBIT closed at $32.59 on Tuesday with a 4.72% profit. The recent rally could be attributed to the impressive inflow figures reported lately.
While Grayscale’s GBTC surged 3.93%, reaching $52.85 at the time of writing. Moreover, the Bitcoin ETF had noted a significant uptick in the previous trading session. On Tuesday, the Grayscale Bitcoin ETF closed at $46.41, losing 0.28% in value.
In addition, the Ark 21Shares Bitcoin ETF (ARKB) registered a 4.22% increase to $59.55. On the other hand, VanEck’s HODL climbed 2.93% to $66.50 in the pre-market session, setting the stage for a gap up. Furthermore, Valkyrie’s BRRR rose 3.83% to $16.80. Additionally, Invesco Galaxy’s BTCO attracted a gain of 3.77%, settling at $59.25.
Moreover, Franklin Templeton’s EZBC soared 3.78% to $34.36. However, Hashdex’s DEFI experienced an incline in profits with a 5.04% hike in value, reaching $70.18. Earlier, the Hashdex Bitcoin ETF closed at $66.81, up by 4.24%.
Also Read: Breaking: BTC Price Hits $59K as BlackRock Bitcoin ETF Saw Massive $520M Inflow
Strong Inflows For BlackRock’s IBIT
Spot Bitcoin ETFs have had a stellar start to the week, with a $520 million influx on Monday followed by another robust $577 million on Tuesday. The surge in inflows, particularly notable for BlackRock iShares Bitcoin ETF, signals strong potential for a BTC price rally to $60,000.
On February 27, Spot Bitcoin exchange-traded funds experienced a substantial net inflow of $577 million (equivalent to 10,167.5 BTC), marking the third-largest influx since their launch. All nine spot Bitcoin ETFs witnessed significant trading activity, underlining heightened investor interest. However, Grayscale’s GBTC saw increased outflows on Tuesday, rebounding to $125.6 million after a brief dip to $22.4 million the day before.
The BlackRock iShares Bitcoin ETF notably attracted over $520 million, setting a new record for its largest single-day inflow. IBIT also boasted a record-breaking daily trading volume of $1.3 billion, surpassing the trading volume of many large-cap US stocks. With this latest influx, BlackRock’s total net inflow surpassed $6.5 billion, with asset holdings soaring to over 141,000 BTC.
Other spot Bitcoin ETFs also saw significant inflows, indicating a prevailing bullish sentiment among both retail and institutional investors. Fidelity Bitcoin ETF (FBTC) received $126 million, while Ark 21Shares Bitcoin ETF garnered $5.4 million. Bitwise (BITB), VanEck, and other ETFs in the space also experienced notable increases in investment.
Despite the overall positive trend, GBTC’s outflow of $125.6 million signaled a divergence from the broader market movement. Bloomberg’s senior ETF analyst Eric Balchunas highlighted that the daily trading volume of the nine new spot Bitcoin ETFs, excluding GBTC, surpassed $2 billion for the second consecutive day, coinciding with BTC’s strong performance above $59,000.
Also Read: Spot Bitcoin ETF: Market Data Shows Whales Are Not Backing Down
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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