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.
"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.
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