Spot Bitcoin ETF "Considered a Success" by Key Metrics One Month After Launch

A month after its historic launch, ETF insiders and cryptocurrency supporters alike say the Bitcoin Spot ETFs are a clear success on key trading metrics. Data compiled by Bloomberg Intelligence shows that net inflows into these funds totalled about $2.8 billion over about 21 trading days. That includes $6.4 billion in investor withdrawals following the conversion of the Greyscale Bitcoin Trust (ticker GBTC) from a trust to an exchange-traded fund. Topping the charts were BlackRock's iShares Bitcoin Trust ( IBIT ) and Fidelity Wise Origin Bitcoin Fund ( FBTC ), which absorbed about $3.8 billion and $3.1 billion in inflows, respectively. Both crossed the $1 billion threshold in five days or less. They are also the only two funds in the ETF space that have attracted more than $3 billion in the 20 days of trading since their IPOs, according to BI. IBIT and FBTC are firmly in the top 0.1 per cent of the roughly 5,500 new ETF launches over the past 30 years, according to Bloomberg data, based on flow and volume metrics.