BlackRock Bitcoin ETF (IBIT) Surges 9% Pre-market After Record Inflows

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In today’s pre-market trading session, both BlackRock’s IBIT and Grayscale’s GBTC, two prominent Spot Bitcoin ETFs, saw a remarkable surge. This uptick follows a strong influx of funds on Tuesday. Notably, their main competitors, such as VanEck’s HODL and Valkyrie’s BRRR, also experienced significant gains.

BlackRock’s IBIT Rallies In Pre-market Session

According to data from Yahoo Finance, BlackRock’s iShares Bitcoin ETF (IBIT) saw a 9% increase, reaching $38.50 during the pre-market trading on Wednesday, March The ETF closed at $35.32 on Tuesday, marking a 8.62% decline. This recent rebound is largely attributed to the record high inflows of over $700 million reported on Tuesday.

Furthermore, Grayscale’s GBTC witnessed a surge of 8.11%, reaching $59.71 at the time of reporting. Earlier, the ETF experienced a notable plunge in the previous trading session, closing at $55.23 on Tuesday, with a 8.53% loss in value.

Additionally, the Ark 21Shares Bitcoin ETF (ARKB) recorded a 8.30% gain, reaching $67.19. Whilst, VanEck’s HODL saw a 8.28% rally to $75.95 during the pre-market session, indicating a potential gap up. Valkyrie’s BRRR also rose by 8.36%, reaching $19.05. Furthermore, Invesco Galaxy’s BTCO gained 7.46%, settling at $66.59.

Furthermore, Franklin Templeton’s EZBC experienced a significant gain of 7.42%, reaching $38.64. On the other hand, Hashdex’s DEFI observed a huge 12.03% increase in value, reaching $80.79. The Hashdex Bitcoin ETF closed at $72.12 ok Tuesday, marking a 8.54% drop. Whilst, Fidelity Wise’s FBTC soared 8.53% to $58.80 in the pre-market session.

Also Read: Bitcoin ETF: BlackRock & Fidelity Inflow Surge To A Staggering $900 Mln

BlackRock & Fidelity Bitcoin ETFs Record Massive Inflows

Tuesday, March 5, 2024, marked a remarkable milestone for the Spot Bitcoin ETF in the United States as it witnessed an unprecedented surge in inflows. According to provisional data by Farside UK, the U.S. Spot Bitcoin ETF garnered approximately $662.5 million in inflows, marking one of its highest daily inflows to date.

The spotlight shone on BlackRock’s iShares Bitcoin Trust and Fidelity’s FBTC, which collectively amassed over $900 million in inflows. BlackRock’s IBIT reported an impressive influx of $788.3 million, showcasing the growing confidence of institutional investors in Bitcoin as a viable asset class. Additionally, Fidelity’s FBTC recorded a significant inflow of $125.6 million, further solidifying institutional support for digital assets.

On the contrary, the Grayscale Bitcoin ETF continued to experience robust outflows, with March 5 witnessing an outflow of $332.5 million. However, the overall sentiment towards Bitcoin ETFs remains bullish, fueled by positive market momentum and increasing institutional participation.

Also Read: Bitcoin ETF: Blackrock Sees 6th Day of $1 Bln Trading Volume As Bull Run Continues

The post BlackRock Bitcoin ETF (IBIT) Surges 9% Pre-market After Record Inflows appeared first on CoinGape.

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