Bitcoin Spot ETFs have seen net inflows of $759.4 million since their launch on January 10, despite outflows of $5 billion from the Grayscale Bitcoin Trust (GBTC).
Bitcoin ETFs absorb massive Grayscale outflows
Since the launch of the spot ETFs on January 10, these new funds have collectively seen approximately $5.8 billion in inflows. During this time, $5 billion flowed out of GBTC. In total, the Bitcoin ETF ecosystem therefore recorded largely positive net inflows of $759 million.
This result impressive showing that market appetite for Bitcoin remains vigorous, despite massive GBTC deconversions. Above all, it proves that other ETFs manage to capture a substantial part of the capital leaving the Grayscale fund and even beyond.
However, although GBTC maintains its dominant position in terms of total weekly releases, its impact appears to be fading. The data reveals a decrease in the amount of daily outflows from the fund over the past week.
According to James Butterfill of CoinShares, this indicates that the effect of the shift from GBTC to spot ETFs is starting to stabilize. Before January 10, GBTC held approximately 621,000 BTC. Today, his balance fell to 506,000 BTC, a drop of 19%.
Star ETFs
On the entry side, BlackRock’s ETF and Fidelity’s FBTC stand out with exceptional performances.
On January 26, IBIT recorded an impressive net inflow of $87 million, bringing its total to $2.2 billion. Similarly, FBTC attracted $100 million during the same day, accumulating a total of $1.9 billion since its launch.
Despite continued massive outflows from GBTC, investor demand for spot Bitcoin ETFs remains robust. The inflows into these new funds significantly offset the $5 billion exited from Grayscale. Encouragingly, the impact of GBTC exits now appears to be waning.
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