According to data from CoinShares, new U.S. bitcoin exchange-traded funds (ETFs) have accumulated $7.7 billion since their inception, counterbalancing the $6 billion outflows from existing funds.
In the latest report released by CoinShares on Monday, it was revealed that bitcoin-focused investment products witnessed over $700 million in net inflows last week. This influx of fresh capital was primarily driven by investments into the newly launched spot bitcoin ETFs, which helped mitigate the declining outflows from Grayscale’s flagship fund, GBTC.
The BlackRock-managed IBTC and Fidelity’s FBTC emerged as the leading contenders among the recently introduced spot bitcoin ETFs, attracting $884 million and $674 million in weekly inflows, respectively. Notably, both figures represented slight increases compared to the previous week.
Conversely, GBTC experienced significant outflows, with investors withdrawing approximately $927 million from the fund. However, this marked a notable decrease from the previous week’s outflows, indicating a slowdown in the momentum of withdrawals.
James Butterfill, head of research at CoinShares, highlighted the diminishing pace of outflows from existing bitcoin funds in recent weeks, attributing it to various factors, including profit-taking and the stabilization of the market following the introduction of spot BTC ETFs.
Despite the outflows from incumbent funds, the influx of funds into the new bitcoin ETFs has been steady, with total assets under management reaching $7.7 billion by the end of last week. This influx has effectively offset the outflows from existing funds, underscoring the growing interest in bitcoin investment products among investors.