The new Spot Bitcoin ETFs have been a huge hit in the markets since being added in January 2024. Already, ETFs have amassed $7.7 billion in funds since their debut. In the latest update, Spot Bitcoin ETFs have seen $700 million in net inflows. This comes as BlackRock and Fidelity are offsetting Grayscale’s Bitcoin Trust (GBTC).
According to data from CoinShares Monday, BlackRock-managed IBTC and Fidelity’s FBTC, the two top dogs from the new wave of ETFs, booked $884 million and $674 million in weekly inflows, respectively. Both trusts rose in inflows compared to last week’s numbers. Furthermore, numbers for GBTC showed that investors withdrew some $927 million from Grayscale’s trust.
“Data highlights a significant reduction in momentum of these outflows in recent weeks,” James Butterfill, head of research at CoinShares, said in the report.
Also Read: Spot Bitcoin ETFs Hold 3.3% of Current BTC Supply
Following landmark approval by the SEC, Spot Bitcoin ETFs began trading in the US on January 11th. As we approach the one-month anniversary of this approval, Bitcoin ETFs still appear to be a hit, as the new diversity of inflows in the Bitcoin Trust funds is growing away from solely GBTC.
As of last week, the ETFs have amassed $7.7 billion in funds, more than offsetting the $6 billion outflows from incumbents, the report also highlights.