In the 11 months since the launch of US spot Bitcoin ETFs on January 11, significant developments have been observed. Notably, the combined net inflows into these products have reached $34.3 billion, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way. The category has recorded net inflows on 68% of trading days, showing robust investor interest, especially following the election results that boosted crypto confidence. However, there’s been a notable outflow of nearly $21 billion from the Grayscale Bitcoin Trust (GBTC). In terms of trading volume, IBIT has averaged 44.5 million shares daily, translating to $2.6 billion. Moreover, since the introduction of spot ether ETFs in July, Bitcoin products have attracted significantly more capital than their Ethereum counterparts. Institutional interest remains strong, with notable buyers including hedge funds and pension funds. Besides, current estimates suggest that Bitcoin ETFs now hold more Bitcoin than Satoshi Nakamoto, which comprises about 5% of the total supply. The outlook for Bitcoin ETFs in 2024 appears promising, with experts anticipating further inflows.

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