The bank is broken! More than $1 billion flows into Bitcoin ETFs

March 12, 2024 will go down in history as the day when for the first time the value of net inflows to bitcoin ETFs exceeded one billion dollars. In total, two months after the launch of ETFs, net inflows amounted to over USD 11 billion, of which USD 1 billion and 45 million only yesterday. The fund recorded the largest inflow during yesterday's session BlackRock (IBIT) at the level of USD 849 million. Meanwhile, only USD 79 million flowed out of the GBTC fund during yesterday's session, which was the smallest outflow since February 26.

ETFs generate huge demand

Looking at the value of what is mined per day bitcoin and on inflows to ETFs, we see that they generate huge demand, many times exceeding the daily supply of BTC. Yesterday's record net inflows represented demand that exceeded bitcoin's daily supply by 16 times. Since the very beginning of the ETF launch, on average daily demand has exceeded supply by 5 times. Meanwhile, a halving is ahead of us, which will reduce the supply of bitcoin by half, which in turn means that if inflows to ETFs continue, they may generate demand even twice as high as the current one, which in turn may result in a supply shock.

Bitcoin ATH once again. Sixth month of growth in a row

ATH, i.e. the all-time high (historical record) was once again set today. The price of bitcoin in US dollars rose above USD 73000, which means that in March alone the price increased by 19%. The sixth consecutive month of growth on the BTC market is also underway, which means a repetition of the wave of growth observed since October 2020. Then the price of bitcoin increased by 466%, currently in this upward movement we observe a total increase of 194%, and the events on the bitcoin market are once again will become history - this time also of the traditional financial market.