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On February 1, Bitcoin ETFs recorded a net inflow of $38.4 million, marking the fifth consecutive day of inflows.
Grayscale’s Bitcoin Trust ETF (GBTC) experienced a notable net outflow of $182 million. In contrast, the total net inflow for the other nine ETFs in the sector, excluding Grayscale, reached $220 million.
BlackRock’s iShares Bitcoin Trust (IBIT) surpassed Grayscale Investments’ GBTC in terms of trading volume. This event represents a first for BlackRock since the launch of spot Bitcoin ETFs in the U.S. on January 11.
There has been considerable discussion regarding the inflows to the U.S. spot #Bitcoin ETFs, including from myself. However, taking a broader view and examining other traditional finance overlaps with Bitcoin reveals a contrasting narrative. I wrote about this yesterday. Approximately $537 million has been withdrawn from international crypto funds. pic.twitter.com/iNxBtohymA
— James Seyffart (@JSeyff) February 2, 2024
In the initial three weeks following the launch of these trading products, Grayscale’s GBTC had led in trading volumes.
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GBTC represented nearly half of the trading activity among the ten available ETFs, with around $14.4 billion of the total $29.3 billion traded.
However, on February 1, IBIT by BlackRock recorded trading volumes of $302 million, exceeding the $292 million noted for GBTC.
This change occurs amid Grayscale’s difficulties with net outflows, which have led to a reduction of its Bitcoin holdings by 5,086 BTC, valued at approximately $218 million.
Despite Grayscale’s net outflows, the sector has experienced strong investment activity.
BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have garnered substantial net inflows, totaling around $2.8 billion and $2.5 billion, respectively, since their market introductions.
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