Bitcoin hits new high again, ETF surpasses $55 billion, top 10 cryptocurrencies rally together

Bitcoin hit another all-time high yesterday, starting from $68,000 during the afternoon in Taiwan and continuing to rise throughout the U.S. trading hours, reaching a peak of $72,800. Despite Grayscale's GBTC seeing outflows of $494.1 million on 3/11, the overall ETF market still shows a steady upward trend, with the ten Bitcoin spot ETFs now holding over $55 billion in assets.

Bitcoin Spot ETF Assets Surpass $55 Billion

Grayscale's GBTC saw outflows of $4.941 billion on 3/11, with about $11 billion flowing out since converting to an ETF, bringing its assets under management to $28 billion.

According to Bloomberg ETF analyst Eric Balchunas, the top ten Bitcoin spot ETFs now hold over $55 billion in assets. BlackRock's IBIT has reached $13.5 billion in assets, ranking second in ETF inflows this year, behind only the large-cap stock ETFs VOO Vanguard S&P 500 ETF and IVV iShares Core S&P 500 ETF. Fidelity's FBTC ranks fourth, with assets totaling $8.6 billion.

First two months officially in the books (it's felt like six) and the ten bitcoin ETFs now have over $55b in assets with exactly double that in volume at $110b. If these were the numbers at the end of year I'd call them a success. To do it in eight weeks is simply absurd. pic.twitter.com/8YvzQZdYyJ

— Eric Balchunas (@EricBalchunas) March 11, 2024

Additionally, VanEck has once again lowered fees to attract market share, announcing that investing in its Bitcoin ETF HODL before March 31, 2025, will be fee-free. The HODL assets have officially surpassed $3.1 billion as of yesterday.

IMPORTANT UPDATE!

Because we believe in #bitcoin so much, starting tomorrow, you can invest in VanEck Bitcoin Trust (HODL) with no fees until March 31st, 2025.*

*During the period commencing on March 12, 2024, and ending on March 31, 2025, the Sponsor will waive the entire…

— VanEck (@vaneck_us) March 11, 2024

Top Ten Market Cap Cryptocurrencies' Price Increases

The top ten market cap cryptocurrencies are all on the rise, with Ethereum following a similar trend to Bitcoin, reaching a recent high of $4,094 but not hitting a new all-time high like Bitcoin, still needing a 20% increase to reach the historical high of $4,868 at the end of 2021.

BNB has successfully crossed the $500 mark, with Binance's recent Launchpool new coin mining likely providing a significant boost, as it is only 23% away from its all-time high of $690.

Binance sheds its gloom! BNB reclaims $500 after two years, Launchpool revitalizing the momentum?