Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock's IBIT Leads: CoinShares

Inflows accelerated last week, indicating increasing demand for the new spot-based exchange-traded funds, CoinShares head of research James Butterfill said.

AccessTimeIconFeb 19, 2024 at 3:37 p.m. UTC
Updated Mar 8, 2024 at 9:46 p.m. UTC
  • Overall, a record $2.5 billion flowed into crypto exchange-traded products last week, with bitcoin funds responsible for 99% of all the inflows, CoinShares reported.
  • Outflows from Grayscale's GBTC were compensated by massive allocation to BlackRock's IBIT and Fidelity's FBTC.

Demand for bitcoin (BTC) exchange-traded funds (ETF) accelerated again last week as they raked in a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products, crypto asset management firm CoinShares said Monday.

Allocations to the newly approved U.S.-based spot bitcoin ETFs overwhelmed the $623 million outflows from Grayscale's Bitcoin Trust (GBTC), the incumbent fund that converted into an ETF structure. BlackRock's IBIT and Fidelity's FBTC attracted $1.6 billion and $648 million over the past week, respectively.

"This represents a significant acceleration of net inflows, distributed widely among various providers, indicating an increasing interest in spot-based ETFs," said James Butterfill, CoinShares' head of research.

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Soaring demand for new bitcoin ETFs occurred as BTC hit $52,000 for the first time since December 2021, and investors are eyeing new all-time highs for the largest crypto later this year.

Weekly inflow into the wider crypto asset class also hit a record, the CoinShares report noted. Bitcoin accounted for 99% of total net inflows into crypto funds, with ether (ETH) products experiencing the second-largest inflow of $21 million, according to the report.

Meanwhile, blockchain equity ETFs suffered a $167 million outflow, signaling investors took profits, CoinShares said.

Edited by Sheldon Reback.


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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.