Bitcoin (BTC) ETFs See Record $2.4B Weekly Inflows With BlackRock's IBIT Leading: CoinShares

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.

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

27

11

38

35

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.

10 Years of Decentralizing the Future