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.
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.
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.