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Bitcoin ETFs See $700M Net Inflows as BlackRock, Fidelity Gains Offset GBTC Outflows: CoinShares - BSCDesk : Binance Smart Chain and Crypto News

Bitcoin ETFs See $700M Net Inflows as BlackRock, Fidelity Gains Offset GBTC Outflows: CoinShares

Bitcoin-focused investment vehicles received more than $700 million in fresh money last week as inflows to new spot bitcoin (BTC) exchange-traded funds (ETFs) offset the abating outflows from Grayscale’s flagship fund, GBTC, asset manager CoinShares reported Monday.

BlackRock-managed IBTC and Fidelity’s FBTC, the two clear leaders among the newly issued spot bitcoin ETFs, booked $884 million and $674 million in weekly inflows, respectively. Both figures were slightly higher than the week before in dollar terms.

Meanwhile, investors withdrew some $927 million from GBTC, a notable drop from the previous week’s $2.2 billion bleed.

Flows by crypto fund providers (CoinShares)Flows by crypto fund providers (CoinShares)

“Data highlights a significant reduction in momentum of these outflows in recent weeks,” James Butterfill, head of research at CoinShares, noted in the report.

Outflows from existing bitcoin funds like GBTC have been a source of concern over the past weeks as spot BTC ETFs started trading in the U.S. on Jan. 11. After a short-lived wave of withdrawals – mostly related to profit-taking and FTX selling GBTC holdings – outflows have slowed while inflows to new entrants remain consistent.

As of the end of last week, the new bitcoin ETFs had amassed $7.7 billion in funds, more than offsetting the $6 billion outflows from incumbents, the report highlighted.

Solana (SOL), which managed a remarkable comeback last year with a 10-fold price gain, topped inflows to altcoin-focused funds with $13 million. Investment vehicles that hold Ethereum’s ether (ETH) and Avalanche’s native token (AVAX) endured $6.4 million and $1.3 million in outflows.

Edited by Sheldon Reback.

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