4 crisp charts to celebrate a legendary month of bitcoin ETFs

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First-day buy­ers of spot bit­coin ETFs have been left hold­ing the bag over the last month. But no longer.

Any­one who bought and held shares in any of the spot bit­coin ETFs before today would be in the green.

Bit­coin spiked to $48,000 as the ETFs opened trade on Jan. 11 — two year highs — before retract­ing more than 20% over the fol­low­ing two weeks.

Now, on the first day of their sec­ond month of trade, bit­coin (BTC) threat­ens to blast past $50,000 and is up 13% year to date

That’s one way to buy the dip

Read more: Let’s pour one out for the first-day spot bit­coin ETF investors

The 10 phys­i­cal­ly-backed bit­coin funds alto­geth­er saw almost $36 bil­lion in trade in their first month, accord­ing to mar­ket data com­piled by Blockworks. 

Grayscale’s bit­coin trust (GBTC) made up more than half of those vol­umes, per­haps boost­ed by the clo­sure of its nag­ging NAV dis­count pre­sent­ing a final arbi­trage opportunity.

Black­Rock and Fidelity’s offer­ings fol­lowed with $8.31 bil­lion and $6.53 bil­lion, respectively.

Click play to watch the spot ETFs go ‘brrrrr’ — they slow before pick­ing up again

Vol­umes only tell us rough­ly how pop­u­lar shares are among traders, who may only be inter­est­ed in cap­i­tal­iz­ing on bitcoin’s trade­mark volatil­i­ty rather than hold­ing the ETFs long-term.

The dol­lar val­ue of funds flow­ing in and out of each ETF is a bet­ter indi­ca­tor of investor sentiment.

  • Not count­ing GBTC, investors piled more than $9 bil­lion into US-list­ed spot ETFs in their first month.
  • GBTC share­hold­ers pulled $6.38 bil­lion from the for­mer closed-end­ed fund over that time.
  • Spot ETFs over­all have seen net inflows of $2.63 bil­lion to date.

Inflows to spot ETFs are now eas­i­ly out­pac­ing GBTC outflows

Read more: A month after launch, spot bit­coin ETF week­ly net inflows hit new high

Black­Rock and Fidelity’s prod­ucts are some of the most pop­u­lar in ETF his­to­ry, while GBTC out­flows have large­ly been attrib­uted to its high man­age­ment fee rel­a­tive to its rivals, 1.5% com­pared to 0.25% from Black­Rock and Fidelity. 

Black­Rock and Fideli­ty so far lead the pack for inflows, hav­ing respec­tive­ly pulled in $3.75 bil­lion and $3.5 billion.

Alto­geth­er (and exclud­ing GBTC), the spot ETFs held 206,155 BTC ($10.25 bil­lion) as of Mon­day morn­ing, per CoinGlass.

Grayscale had near­ly a decade of first mover advantage

Those funds man­age about 1% of bitcoin’s cir­cu­lat­ing sup­ply, slight­ly more than MicroS­trat­e­gy.

GBTC mean­while still holds more than 466,000 BTC ($23.2 bil­lion) — more than dou­ble all the oth­er US spot ETFs combined.


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