Bitcoin ETFs See $700M Net Inflows as BlackRock, Fidelity Gains Offset GBTC Outflows: CoinShares
New U.S. bitcoin ETFs have amassed $7.7 billion in funds since debut, offsetting the $6 billion outflows from incumbents, according to CoinShares data.
![Crypto fund flows (CoinShares)](https://www.coindesk.com/resizer/GUu6C9WJF9AKgoImUN16TZyfISk=/567x319/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XQ6CKMOW2VBNLEEZOBQEV2U5LE.jpg)
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)](https://www.coindesk.com/resizer/Oiwxesr-O9WEiJXl_HEhmxe6WI8=/560x332/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/X3BTZHPAKVGWJP5YNIFBSNHVDA.png)
"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.