Inflows into Bitcoin ETFs Reach $700M: CoinShares

Last week, more than $700 million was invested into Bitcoin-focused investment vehicles, with inflows to new spot Bitcoin exchange-traded funds (ETFs) making up for the declining outflows from Grayscale’s flagship fund, GBTC.

According to asset manager CoinShares’ report on Monday, the top two newly issued spot Bitcoin ETFs – BlackRock’s IBTC and Fidelity’s FBTC – received $884 million and $674 million in weekly inflows respectively.

These figures showed a slight increase in dollar terms compared to the previous week. At the same time, investors withdrew $927 million from GBTC, a significant decrease from the previous week’s $2.2 billion outflow.

James Butterfill, head of research at CoinShares, noted in the report that there has been a significant reduction in the momentum of these outflows in recent weeks.

The decline in outflows from established Bitcoin funds, such as GBTC, has been a cause for concern in the past few weeks, especially as spot Bitcoin ETFs began trading in the United States on January 11.

After a brief period of withdrawals, mostly due to profit-taking and FTX selling its GBTC holdings, the outflows have slowed down while inflows to new funds remain consistent.