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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.
Updated Mar 8, 2024, 9:04 p.m. Published Feb 5, 2024, 3:27 p.m.
Bitcoin-focused investment vehicles received more than $700 million in fresh money last week as inflows to new spot bitcoin {{BTC}} exchange-traded funds (ETFs) offset the abating outflows from Grayscale's flagship fund, GBTC, asset manager CoinShares reported Monday.
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.
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Meanwhile, investors withdrew some $927 million from GBTC, a notable drop from the previous week's $2.2 billion bleed.
"Data highlights a significant reduction in momentum of these outflows in recent weeks," James Butterfill, head of research at CoinShares, noted in the report.
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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.
Solana {{SOL}}, which managed a remarkable comeback last year with a 10-fold price gain, topped inflows to altcoin-focused funds with $13 million. Investment vehicles that hold Ethereum's ether {{ETH}} and Avalanche's native token {{AVAX}} endured $6.4 million and $1.3 million in outflows.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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