Spot Bitcoin ETFs See Inflows of $1.2 Billion in One Week
US-listed Bitcoin exchange-traded funds (ETFs) saw substantial investment this week, with nearly $1 billion added on Tuesday alone. Weekly inflows reached $1.2 billion, bringing total assets under management to $103 billion as Bitcoin's price surpassed $93,000.
BlackRock Fund Dominates
BlackRock's iShares Bitcoin Trust (IBIT) led with year-to-date inflows of $2.7 billion, including $346 million last week. In contrast, Ark Invest’s ARKB and Grayscale’s Bitcoin funds reported much lower inflows at $410.41 million and $385.31 million respectively. Grayscale's GBTC faced outflows totaling $1.18 billion since January.
Broad Institutional Participation
Ten of 11 spot Bitcoin ETFs received inflows this week, indicating broad institutional interest. The total trading value across all Bitcoin spot ETFs was $496 million, with net assets nearing $57 billion, about 2.80% of Ethereum's market cap.
Ethereum Products Struggle
Ethereum investment products experienced losses again, totaling $26.7 million last week, accumulating $772 million in outflows over eight weeks, despite $215 million in year-to-date inflows.
Short Bitcoin Products Under Pressure
Short Bitcoin products recorded their seventh consecutive week of outflows, losing $1.2 million and a total of $36 million, or 40% of their AUM, reflecting Bitcoin's price strength.
XRP stood out among alternative coins, attracting over $37 million last week, marking the third highest year-to-date inflows at $214 million.
The influx into Bitcoin ETFs signals growing acceptance of cryptocurrency by traditional financial institutions.