Spot bitcoin ETF debut week inflows lagged 2021 BTC futures launch: CoinShares

Crypto product trading volumes of $17.5 billion last week marked a record as Grayscale’s bitcoin ETF saw stream of outflows


Artwork by Crystal Le


Inflows into crypto investment products jumped above $1 billion last week as the long-awaited US spot bitcoin ETFs hit the market. The mark, however, was not a record. 

Crypto investment product inflows hit nearly $1.2 billion last week, a Tuesday CoinShares report found — up from about $150 million the week before. The total amounts to more than half the $2.2 billion of crypto product inflows seen during all of 2023. 

Last week’s $1.2 billion showing did not break all-time highs though, as the October 2021 week when ProShares’ Bitcoin Strategy ETF (BITO) launched saw roughly $1.5 billion in crypto inflows.

Read more: Bitcoin ETF Tracker

Net outflows from Grayscale’s Bitcoin Trust (GBTC) — which morphed to an ETF last week — hurt the net inflow total — amounting to $579 million last week, according to CoinShares. 

Industry watchers told Blockworks last week they expected the newly converted fund — with a substantially higher fee than rival offerings, at 1.5% — to see outflows over time.

Though last week’s net inflows did not break the record, the $17.5 billion trading volumes over that span did. 

“These trading volumes represented almost 90% of daily trading volumes on trusted exchanges last Friday, unusually high as they typically average between 2% [and] 10%,” CoinShares research head James Butterfill said in the report

GBTC accounted for about half of the $4.5 billion in trading volumes seen for spot bitcoin ETFs on Jan. 11, Yahoo Finance data indicated. Despite that, bitcoin funds by Bitwise, Fidelity and BlackRock led competing offerings in initial inflows, according to Jan. 12 Bloomberg Intelligence data. 

Read more: Bitcoin ETF asset race: Bitwise, Fidelity snag flow lead while money leaves GBTC

Given the spot bitcoin ETF launches, US crypto products dominated the inflows last week. Such offerings in Canada — where spot bitcoin ETFs came to market in 2021 — endured net outflows of $44 million. Such funds in Germany and Sweden saw outflows of $27 million and $16 million, respectively. 

“We suspect the outflows seen in Europe and Canada…were basis traders looking to switch from Europe to the US,” Butterfill wrote.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million