Spot Bitcoin ETF: IBIT, GBTC & Others Gain In Pre-market Trading

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