Bitcoin ETF Inflows: The Story So Far

Day 2 demand was strong, and the first figures for Day 3 indicate a similar picture.

Will the ETF inflows continue?

Following a frenzied first two days of trading after the launch of Bitcoin spot ETFs, the US markets took a long weekend for Martin Luther King Jr Day. They opened again yesterday, providing a third day of data.

Now that the initial buzz is over, this is where the rubber hits the road. The more time passes, the more a useful picture will emerge, as trading settles into a clear pattern and trend. It's still early days, of course, but the results from this week will be illuminating.

Day 2 Figures Now In

Twitter user Capital15C has helpfully been compiling data from the 10 active spot BTC ETFs. Unfortunately, even this doesn't give us an up-t0-date picture, since it can take days for providers to complete settlement and update their figures. (In the image below, orange boxes are awaiting new data).

Nonetheless, we now at least have complete figures for Day 2 (last Friday), and the first results through for Tuesday this week.

Headline Figures

  • Total inflows are healthy, with a net 21,260 BTC being accumulated across all ETFs in the first two days.
  • GBTC has seen significant outflows, dropping a total of 13,329 BTC. 11,188 of these left on Friday, a significant increase on the first day. Figures are not yet in for yesterday.
  • Excluding GBTC, the other ETFs have seen a total of 34,589 BTC in inflows for the first two days.
  • Yesterday, Bitwise added a further 1,172 BTC to its ETF. Bitwise is the only ETF for which Tuesday figures are currently available.

This is a very strong start, and bodes well for BlackRock and Fidelity, who likely also saw thousands of BTC of demand between them.

At present, 6.25 new BTC are mined every block, or 900 every day. On the second day of trading, any one of eight ETFs (i.e. not WisdomTree or GBTC) could have single-handedly soaked up that new supply.

Once again, we reiterate: It's early days. We'll know more very soon. For now, it can only be a matter of time before this new source of demand starts to impact the spot market.

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