New bitcoin ETFs overcome GBTC asset losses, yielding strong inflow week

CoinShares data shows GBTC outflows decreased from $2.2 billion to $927 million week over week, while BlackRock and Fidelity asset gains continue

article-image

Artwork by Crystal Le

share

Crypto products returned to positive flows last week as asset gains by the BlackRock- and Fidelity-run bitcoin funds outpaced money leaving Grayscale Investments’ competing ETF. 

The segment tallied inflows of $708 million last week, according to CoinShares data — a reversal from the previous week, during which such funds endured outflows of roughly $500 million.

The substantial money leaving crypto products during the week ending Jan. 26 was driven by the Grayscale Bitcoin Trust ETF (GBTC) notching roughly $2.2 billion outflows. That number shrunk to $927 million last week.

BlackRock and Fidelity saw the majority of crypto product inflows last week, with $884 million and $674 million of inflows, respectively — more than offsetting the GBTC outflows, according to the report

Read more: BlackRock-Fidelity bitcoin ETF asset race ‘a heavyweight fight that can go either way’

The iShares Bitcoin Trust (IBTC) has grown to more than $3 billion in assets since launching alongside nine other spot bitcoin ETFs on Jan. 11. Its daily trading volumes beat GBTC for the first time on Feb. 1.

The asset base for the Fidelity Wise Origin Bitcoin Fund (FBTC) sits at about $2.6 billion.

While GBTC continues to manage significantly more assets than both funds — with around $20.5 billion — that lead has decreased in recent days. 

Bitcoin ETF flows data by BitMEX Research shows the 10 US spot bitcoin ETFs have recorded net inflows for six straight days, peaking over that span at $247 million on Jan. 30. This follows four consecutive days of net outflows before that.    

Loading Tweet..

“Typically there’s [a] slow decline after [a] big hyped launch,” Bloomberg Intelligence analyst Eric Balchunas said in a Saturday X post. “Strong week 3 (and inflows every single day) shows these ETFs have legs.”

The inflow numbers were particularly robust during January’s last few days, noted David Lawant, head of research at FalconX. 

US spot bitcoin ETFs saw average daily net inflows of $194 million over the final three days of the month, the BitMEX data indicates. Average inflows into the funds decreased to $59 million during the first two days of February. 

“Over the next few days, we’ll see whether they relate to the end of the month — when some allocators tend to concentrate portfolio changes — or whether these exceptionally strong inflows will remain in the next couple of weeks,” Lawant wrote in a Feb. 2 newsletter. “At any rate, I remain confident that inflows will significantly outweigh these short-term outflows in the medium to long term.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Platforms like Polymarket and Drift’s BET show higher probabilities for a Trump victory, reflecting current market sentiments

article-image

While DAOs promote transparency and community involvement, underlying centralized mechanisms reveal the challenges in achieving full decentralization

article-image

Also in the tokenized fund space, Franklin Templeton launches on Base and Securitize hits $1 billion in tokenized RWA onchain

article-image

It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.

article-image

Spire, Citrea and Nillion also announced raises this week

article-image

The latest recipient of an SEC Wells notice is a Web3 gaming company