Spot Bitcoin exchange-traded funds (ETFs) have attracted more net inflows in the last four days than in the entire first four weeks of trading.
According to data from Bitcoin tracking platform Apollo, the 10 spot Bitcoin (BTC) ETFs have had 43,300 Bitcoin — worth $2.3 billion at current prices — in inflows over the last four days alone. Comparatively, the funds took 20 days of trading to gather 42,000 in Bitcoin inflows.
We’re witnessing total acceleration of #BTC ETF inflows.
First 20 days of Trading ~ 42K BTC Inflows
Last 4 Days of trading ~ 43k BTC Inflows
— Thomas | heyapollo.com (@thomas_fahrer) February 15, 2024
It comes as four spot Bitcoin ETFs — excluding Grasyscale — have now taken their place in the “billionaire club,” with the Bitwise Bitcoin ETF becoming the latest to clear the milestone on Feb. 14.
Today, $BITB crossed $1B in AUM. To our investors: Thank you. We’re thrilled for what’s ahead.
– Low-cost 0.20% gross expense ratio
– 10% donation of profits to developers
– 1st U.S. BTC ETF to publish address of holdingsBITB disclosures & prospectus: https://t.co/pAV6kWFfbg pic.twitter.com/HMiv6mzFfn
— Bitwise (@BitwiseInvest) February 14, 2024
Nate Geraci, the president of the ETF store, described the performance of Bitwise as the “most impressive,” adding that it was the only crypto-native investment fund among the top providers.
Bitwise was beaten to billion-dollar status by BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust and Cathie Wood’s Ark 21Shares Bitcoin Trust.
The remaining ETFs, including Invesco, VanEck, Valkyrie, and Franklin Templeton, are further off, as they have yet to breach $500 million in assets under management (AUM).
Related: Bitcoin breaches $1 trillion market cap
WisdomTree’s Bitcoin Trust has been struggling to gain meaningful inflows, currently standing last among the Bitcoin ETFs, with just $23 million in AUM, per Apollo data.
Notably, on Feb. 13, BlackRock’s iShares Bitcoin Trust became the first Bitcoin ETF to surpass $5 billion in assets under management, holding a total of 105,280 BTC at the time of writing.
The bullishness around spot Bitcoin ETF flows has been viewed by many market participants as a key driving force behind Bitcoin’s recent rally, which saw its price breach $50,000 on Feb. 12.
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