Spot Bitcoin ETF: Net Inflows Tops $4.69 Billion

The spot Bitcoin ETF market has broken a new record as total net flows topped $4.69 billion.

Since the spot Bitcoin ETF market emerged over a month ago, it has recorded consistent growth in its cumulative net flow. Per data from Crypto.com Research & Insights, the combined Spot Bitcoin ETFs recorded $477 million worth of inflows as of February 15.

The inflow comes at a time when the price of Bitcoin (BTC) soared to its highest level for the year as it jumped to a high of $52,820.07 after amassing more than 10.87% in the past seven days. The trading volume and market capitalization are up 1.2% and 3.6% to $1,029,309,283,609 and $35,470,175,600 respectively.

Spot Bitcoin ETF by the Numbers

Besides Grayscale’s GBTC, most spot Bitcoin ETFs trading in the US market have seen relatively positive net flows since they emerged.

Per the Crypto.com Research report, BlackRock has the largest Assets Under Management (AUM), with a total of $5.173 billion raked in thus far. The Fidelity Bitcoin Trust (FBTC) product comes next with a total of $3.654 billion in net flow, while Ark 21Shares’ ARKB boasts $1.184 billion.

🔎 Latest data shows US Spot #Bitcoin ETFs with a net inflow of US$477M yesterday. pic.twitter.com/FQr512EHJf

— Crypto.com Research & Insights (@cryptocom_rni) February 16, 2024

While these three firms have broken the milestone of becoming the first trio to top the $1 billion benchmark, other issues have also recorded an impressive inflow worth noting.

The Bitwise BITB product has recorded a cumulative net flow of $996 billion. In contrast, others, including Valkyrie and VanEck, have recorded a total of $534 million in NetFlow as of the published data.

The Grayscale Dragback

While Grayscale has the largest Bitcoin holding of all the spot Bitcoin ETF issuers, it also has the largest negative net flow, owing to the exodus of funds from the GBTC.

Per the Crypto.com Research data, since the approval of the conversion of the product from a Trust to a Spot ETF, it has lost $6.856 billion, marked by $525 million over the past week and $175 million over the 24 hours to February 15.

While the daily net flow is shrinking, it does not negate the uncertainty ahead as investors might keep shunning Grayscale partly for its relatively larger fees than its rivals.

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