Bitcoin spot ETFs drew $2.5 billion of net inflows in March; BlackRock's IBIT jumps into top 2% by YTD inflows

Bloomberg ETF analyst Eric Balchunas said Bitcoin spot ETFs posted roughly $2.5 billion in net inflows in March, putting cumulative flows close to closing the year-to-date outflow gap. BlackRock's iShares Bitcoin Trust (IBIT) has fully erased its net redemptions since the start of the year and now sits in the top 2% of all ETFs for year-to-date inflows. Balchunas added that ETF flows have held up well despite Bitcoin sliding about 40% over the past six months and a wave of negative media coverage. He contrasted this with a similar drawdown roughly a decade ago, when gold ETFs saw redemptions from about one-third of holders.