Key Takeaways
- • U.S. spot bitcoin ETFs drew more than $700 million in net inflows in the week ending Feb. 2, 2024, according to CoinShares, as new entrants offset outflows from Grayscale's GBTC.
- • BlackRock's IBTC booked $884 million in weekly inflows and Fidelity's FBTC took in $674 million, both slightly higher in dollar terms than the prior week.
- • GBTC saw roughly $927 million in outflows, down sharply from $2.2 billion the previous week, signaling a significant slowdown in redemptions.
- • Since the ETFs began trading on Jan. 11, new spot bitcoin funds have accumulated $7.7 billion, more than offsetting $6 billion in cumulative outflows from incumbent products.
- • Altcoin-focused funds were mixed: Solana products attracted $13 million, while Ethereum and Avalanche products recorded outflows of $6.4 million and $1.3 million.
Summary
Bitcoin-focused investment vehicles received more than $700 million in fresh capital last week, as inflows into newly launched spot bitcoin exchange-traded funds offset continued withdrawals from Grayscale's flagship Bitcoin Trust, GBTC, according to a report published Monday by asset manager CoinShares.
BlackRock's iShares Bitcoin Trust (IBTC) and Fidelity's FBTC were the two clear leaders among the newly issued spot products, booking $884 million and $674 million in weekly inflows, respectively. Both figures were slightly higher in dollar terms than the prior week. By contrast, investors withdrew about $927 million from GBTC, a marked decline from the $2.2 billion outflow recorded the previous week. James Butterfill, CoinShares' head of research, said the data "highlights a significant reduction in momentum of these outflows in recent weeks."
The report places the outflow trend in context. U.S. spot bitcoin ETFs began trading on Jan. 11, and early withdrawals from existing products, largely attributed to profit-taking and FTX selling its GBTC holdings, were followed by a slowdown while inflows to new entrants remained consistent. As of the end of the week, the new bitcoin ETFs had amassed $7.7 billion in assets, more than offsetting the $6 billion in outflows from incumbents, according to CoinShares.
Altcoin-focused products showed a more mixed picture. Solana, which CoinShares noted posted a roughly tenfold price gain last year, led altcoin inflows with $13 million. Funds holding Ether and Avalanche's native token, AVAX, recorded outflows of $6.4 million and $1.3 million, respectively.
The figures are reported by CoinShares and reflect weekly fund flows; the report does not by itself distinguish institutional demand from retail activity.
BlackRock's iShares Bitcoin Trust (IBTC) and Fidelity's FBTC were the two clear leaders among the newly issued spot products, booking $884 million and $674 million in weekly inflows, respectively. Both figures were slightly higher in dollar terms than the prior week. By contrast, investors withdrew about $927 million from GBTC, a marked decline from the $2.2 billion outflow recorded the previous week. James Butterfill, CoinShares' head of research, said the data "highlights a significant reduction in momentum of these outflows in recent weeks."
The report places the outflow trend in context. U.S. spot bitcoin ETFs began trading on Jan. 11, and early withdrawals from existing products, largely attributed to profit-taking and FTX selling its GBTC holdings, were followed by a slowdown while inflows to new entrants remained consistent. As of the end of the week, the new bitcoin ETFs had amassed $7.7 billion in assets, more than offsetting the $6 billion in outflows from incumbents, according to CoinShares.
Altcoin-focused products showed a more mixed picture. Solana, which CoinShares noted posted a roughly tenfold price gain last year, led altcoin inflows with $13 million. Funds holding Ether and Avalanche's native token, AVAX, recorded outflows of $6.4 million and $1.3 million, respectively.
The figures are reported by CoinShares and reflect weekly fund flows; the report does not by itself distinguish institutional demand from retail activity.
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