Bitcoin ETFs Report $115.17M Net Inflows on Mar 11th As BTC Stabilizes Near $70K

Key Insights:

• Bitcoin spot ETF inflows for Wednesday stood at $115.17M with BlackRock leading inflows; 2 funds reported outflows.
• BTC price ended Wednesday above $70,000 but dipped slightly on today’s session; sentiment reflected instability, Grayscale’s research head noted.
• Ethereum ETFs added $57M and Solana ETFs added $1.66M; other US spot ETFs reported zero flows yesterday.

US Bitcoin ETFs reported $115.17 million in net inflows on Wednesday as BTC fluctuated between $69,000 and $72,000. Intensifying conflict in West Asia sent Oil prices as high as $88.99 per barrel yesterday. This reflects rising concerns about supply shocks.

Bitcoin ETFs marked a three-day net inflow streak this week, complementing the price stability. Ethereum (ETH) spot ETFs reported $57.01 million net inflows, and Solana (SOL) spot ETFs reported $1.66 million. Other US altcoin spot ETFs, including XRP spot ETFs, reported zero flows yesterday.

Bitcoin ETFs Wednesday Flows: 3 Funds Buy, 2 Sell

BlackRock (NASDAQ: IBIT) led Wednesday’s inflows with its $115.26 million scoop. Fidelity (CBOE: FBTC) reported $15.37 million inflows, and Grayscale (NYSE: BTC) added $5 million.

Yesterday’s sellers include Grayscale Bitcoin Trust (NYSE: GBTC), which sold BTC worth $15.97 million, and VanEck (CBOE: HODL), which shed $4.49 million in BTC.

With Wednesday’s net inflows, Bitcoin ETFs marked the third day of net inflows this week, pegging weekly net inflows at $533.13 million. So far, these ETFs are showing a three-week net inflow streak.

Bitcoin ETF weekly flows | Source: SoSoValue

So far this week, Wednesday’s net inflows are the smallest. Meanwhile, altcoin spot ETFs, including ETH spot ETFs and SOL spot ETFs, reported net inflows. Ethereum ETFs scooped $57.01 million with none of the funds reporting outflows. Solana ETFs reported net inflows of $1.66 million.

Notably, Ethereum ETFs reported similar inflows. BlackRock (NASDAQ: ETHA) scooped up $18.8 million, and Grayscale (NYSE: GBTC) added $19.03 million. Moving ahead, Fidelity (CBOE: FETH) added $19.13 million.

BTC Price Holds Steady Near $69,000 Amid Oil Supply Disruption

Bitcoin price ended Wednesday at $70,196, just 0.33% above Tuesday’s closing price. At press time, BTC was hovering at $69,534, reflecting a 1% slip below Wednesday’s closing price.

Neither the US nor Iran has shown signs of letting up in the ongoing Iran war, which has now entered its 13th day. Through Wednesday’s latter half, Oil prices displayed sharp volatility, rising by over $2 by the session’s end. Notably, CFDs on WTI Crude Oil (USOIL) were trading above $91 at press time, reflecting a 3%+ rise over the previous session’s close.

Bitcoin spot 1-day chart with Crude Oil (blue) | Source: TradingView

However, BTC balance on exchanges showed sharp volatility. Yesterday, Bitcoin Wallet inflows reached a year-to-date high at 23.76K BTC, CoinGlass data shows.

Coinbase Pro accounted for a significant chunk of Bitcoin exchange inflows, reflecting an inflow of 8,000 BTCs yesterday. As of writing this report, over 7,000 BTC have entered the exchange, marking a two-day inflow streak.

On the other hand, Binance, the world’s largest crypto exchange, marked a three-day BTC net outflow streak as of today.

On Wednesday, over 8,000 BTC left the exchange; on Tuesday, the outflow stood at 2,800 BTC. Also, as of writing this report, Binance saw around 3,300 BTC exit the exchange.

In the last 24 hours, crypto exchanges showed a net outflow of 11,387.87 BTCs. Over the last seven days, the outflow was 24,889.04, and over the last 30 days, the outflow was 29,256.63 BTCs.

Grayscale’s head of research, Zach Pandl, noted in an X post that price displayed relative stability. However, sentiment remained in the Fear zone, reflecting instability.

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