Summary
Last week, crypto products saw inflows of $708 million, a reversal from the previous week which experienced outflows of roughly $500 million. The majority of inflows came from BlackRock and Fidelity, offsetting the outflows from Grayscale Investments’ bitcoin fund. The iShares Bitcoin Trust (IBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) have both seen significant growth in assets since their launch. BitMEX Research data shows that US spot bitcoin ETFs have recorded net inflows for six consecutive days. The inflow numbers were particularly strong in the last few days of January, but decreased in the first two days of February. Overall, analysts remain confident that inflows will outweigh short-term outflows in the medium to long term.
Key Points
1. Crypto products experienced positive flows last week, with inflows of $708 million, reversing the previous week’s outflows of roughly $500 million.
2. The substantial outflows from crypto products in the previous week were driven by the Grayscale Bitcoin Trust ETF (GBTC), which saw outflows of roughly $2.2 billion. However, this number decreased to $927 million last week.
3. BlackRock and Fidelity saw the majority of inflows, with $884 million and $674 million respectively, offsetting the GBTC outflows. The iShares Bitcoin Trust (IBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) also saw significant growth in assets.