Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock's IBIT Leads: CoinShares
Bitcoin exchange-traded funds (ETFs) saw a surge in demand last week, attracting a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products. The newly approved U.S.-based spot bitcoin ETFs, BlackRock's IBIT and Fidelity's FBTC, drew in $1.6 billion and $648 million respectively, surpassing the $623 million outflows from Grayscale's Bitcoin Trust (GBTC). This increase in net inflows suggests a growing interest in spot-based ETFs. The surge coincided with bitcoin reaching $52,000 for the first time since December 2021. The wider crypto asset class also saw a record weekly inflow, with bitcoin accounting for 99% of total net inflows into crypto funds. Ether (ETH) products had the second-largest inflow of $21 million. Conversely, blockchain equity ETFs experienced a $167 million outflow.
