Bitcoin ETFs See $700M Net Inflows as BlackRock, Fidelity Gains Offset GBTC Outflows: CoinShares
Bitcoin-focused investment vehicles received over $700 million in new funds last week, with inflows to new spot bitcoin exchange-traded funds (ETFs) offsetting outflows from Grayscale's GBTC fund. BlackRock's IBTC and Fidelity's FBTC, the leading new spot bitcoin ETFs, recorded weekly inflows of $884 million and $674 million respectively. Meanwhile, GBTC saw $927 million withdrawn, a decrease from the previous week's $2.2 billion. Outflows from existing bitcoin funds like GBTC have been a concern since spot BTC ETFs began trading in the U.S. on January 11. However, these outflows have slowed while inflows to new funds remain steady. By the end of last week, new bitcoin ETFs had accumulated $7.7 billion, more than offsetting the $6 billion outflows from existing funds. Altcoin-focused funds saw Solana top inflows with $13 million, while Ethereum and Avalanche experienced outflows of $6.4 million and $1.3 million respectively.
