---
title: "Bitcoin continues to rise, with record inflows of ETF funds."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/108976219.md"
description: "Bitcoin continues to rise, with record inflows of ETF funds. The price of Bitcoin once exceeded $63,000, surpassing analysts' expectations. At the same time, the newly launched Bitcoin Exchange Traded Fund (ETF) has attracted record inflows of funds. BlackRock's physical Bitcoin ETF is the top choice for investors, attracting over $6.12 billion in funds, with total assets under management exceeding $9 billion. In addition, nine new Bitcoin ETFs have collectively attracted $8 billion in new demand. The price of Bitcoin is currently stable above $61,000."
datetime: "2024-02-29T22:24:09.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/108976219.md)
  - [en](https://longbridge.com/en/news/108976219.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/108976219.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/108976219.md) | [繁體中文](https://longbridge.com/zh-HK/news/108976219.md)


# Bitcoin continues to rise, with record inflows of ETF funds.

Zhitong App learned that on Thursday, February 29th, Bitcoin continued to rise, surpassing $63,000 at one point, defying the expectations of many analysts. This surge occurred as trading volume surged and newly launched spot Bitcoin exchange-traded funds (ETFs) saw inflows of funds. These ETFs absorbed a record $67.3 million in funds on Wednesday, exceeding the record inflow on the first trading day.

BlackRock's spot Bitcoin ETF remains a favorite among investors, with a recorded inflow of $6.12 billion yesterday, pushing its total assets under management to over $9 billion.

Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, said, "Currently, globally, only one or two other ETFs can absorb funds as quickly as BlackRock. It may reach $10 billion tomorrow. Easily setting a record in 7 weeks. By comparison, it took over two years for gold ETFs to reach $10 billion, and over three years for S&P 500 ETFs."

Even for companies like BlackRock with over $9 trillion in assets under management, the focus on spot Bitcoin ETFs since their launch has been very high. Balchunas said, "BlackRock's spot Bitcoin ETF product line accounts for 0.2%, but this year it represents 42% of its net inflows."

Overall, the "Big Nine" spot Bitcoin ETFs have taken a considerable share of total ETF inflows, but if they want to challenge the ETF king - Vanguard, they still have a long way to go.

Balchunas pointed out, "This year, Bitcoin ETFs accounted for 9% of all ETF net inflows, while Vanguard ETFs accounted for 51% of inflows. This is why we remain optimistic about ETFs."

Data shows that the price of Bitcoin has stabilized around the $61,000 support level, rising to around $63,680 in early trading on Thursday before falling back, currently still above $61,000.

Matt Ballensweig, Bitcoin Network Manager, stated in a briefing, "In the past 60 days, a total of $8 billion in new demand has poured into nine new Bitcoin ETFs." He said, "What we are witnessing is historic, record-breaking levels of activity. The Pandora's box has been opened. Institutional demand is officially here, with the two largest asset management companies globally, BlackRock and Fidelity, participating in further adoption."

Ballensweig noted that in recent months, "institutional demand has mainly driven market activity, especially through new ETF inflows. However, it seems that retail investor participation is re-emerging. For example, the unique trading volume in top Bitcoin ETFs yesterday exceeded the trading volume of SPY and QQQ, which may indicate more small purchases driven by retail investors." Ballensweig stated that the approval of Bitcoin ETFs and the recognition of Bitcoin by large asset management companies have opened a new era for institutional adoption, "paving the way for a new gateway to the cryptocurrency market."

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