The spot Bitcoin ETFs in the US have officially surpassed $50 billion in net cash flow just 18 months after their launch in January 2024.
Leading the trend is BlackRock's iShares Bitcoin Trust ETF (IBIT) with a total net cash flow of $53 billion, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with $12.29 billion. In contrast, the Grayscale Bitcoin Trust ETF (GBTC) is the only fund to report negative cash flow, having a net outflow of $23.34 billion, according to data from Farside Investors.
Specifically this year, digital asset products have attracted a total of $18.96 billion in net cash flow, with Bitcoin accounting for nearly 83%, and Ethereum contributing 16%, according to a report from CoinShares.
Among ETF funds, IBIT remains the dominant name as it became the first Bitcoin fund to hold over 700,000 BTC as of this Tuesday – equivalent to more than 55% of the total BTC held by all spot ETFs.
Last week, some reports indicated that BlackRock is currently generating revenue from IBIT even higher than the flagship iShares Core S&P 500 ETF – which is the company's most prominent S&P 500 index ETF product.
The 'giants' are actively accumulating Bitcoin.
Not only is the ETF cash flow surging, but the demand for Bitcoin from businesses is also skyrocketing. Many companies have established Bitcoin reserves in 2024.
Recently on Monday, the Japanese company Metaplanet purchased $237 million in BTC, becoming the fifth largest Bitcoin-holding company in the world with a total of over 15,500 BTC.
On the same day, two European companies also joined this wave. The Blockchain Group (France) and Smarter Web Company (UK) respectively added $12.5 million and $24.3 million to their BTC funds.
Another company in Japan – Remixpoint (listed on the Tokyo Stock Exchange) – announced it has raised $215 million to continue purchasing more Bitcoin, with the goal of accumulating 3,000 BTC in the near future.
Bitcoin reaches an all-time high, Ethereum accelerates.
On Wednesday, the price of Bitcoin (BTC) reached a new all-time high of $112,000, causing nearly $200 million in short positions to be liquidated across the market.
Not only Bitcoin, analysts also predict that Ethereum (ETH) could reach $3,000 as early as this week due to the market structure leaning towards a strong upward trend. In the past 24 hours, the price of ETH has increased nearly 5%, currently trading around $2,775.