Bitcoin ETFs experienced a net inflow of $38.4 million on Feb. 1, marking the fifth consecutive day of such inflows.
Grayscale’s Bitcoin Trust ETF (GBTC) also saw a significant net outflow of $182 million. In contrast, the collective net inflow for the remaining nine ETFs in the sector, excluding Grayscale, amounted to $220 million.
BlackRock’s iShares Bitcoin Trust (IBIT) outperformed Grayscale Investments’ GBTC in trading volume. This event marks a first for BlackRock since the introduction of spot Bitcoin ETFs in the U.S. on Jan. 11.
Lot of talk about the inflows to the US spot #Bitcoin ETFs. Including from me but taking a step back and looking at other TradFi overlaps with Bitcoin we see the opposite story. Which i wrote about yesterday. ~$537 million in outflows from international crypto funds. pic.twitter.com/iNxBtohymA
— James Seyffart (@JSeyff) February 2, 2024
During the first three weeks following the launch of these trading products, Grayscale’s GBTC had been the frontrunner in trading volumes.
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GBTC accounted for nearly half of the trading activity of the ten available ETFs, with approximately $14.4 billion of the total $29.3 billion traded.
On Feb. 1st, however, IBIT by BlackRock witnessed trading volumes of $302 million, surpassing the $292 million recorded by GBTC.
This shift comes amid Grayscale’s challenges with net outflows, reducing its Bitcoin holdings by 5,086 BTC, equivalent to about $218 million.
Despite Grayscale’s net outflows, the sector has seen robust investment activity.
BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have attracted significant net inflows, amounting to approximately $2.8 billion and $2.5 billion, respectively, since their introductions to the market.
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