Bitcoin ETFs Attracted $2.2 Billion In Net Inflows Last Week

(CTN News) – ETFs that invest in bitcoin had another strong week from 12-16 February, with net inflows exceeding $2.2 billion.

The combined volume surpassed the inflows received by any other ETF among the 3,400 available in the U.S., according to Bloomberg analyst Eric Balchunas.

Data from BitMEX Research shows that BlackRock’s iShares Trust (IBIT) received the majority of capital, with positive flows of $1.6 billion over the week.

In addition to IBIT, Balchunas noted that BlackRock has received $5.2 billion in net ETF flows YTD, which represents 50% of the company’s total net ETF flows out of 417.

A spot Bitcoin BTC $51,613 ETF from Fidelity saw significant inflows over the last five trading sessions, attracting $648.5 million. Bitwise ETF garnered $232.1 million in capital inflows during the same period,

While Ark 21Shares Bitcoin ETF generated $405 million.

The performance of the other newly approved spot Bitcoin ETFs is being hampered by outflows from the Grayscale Bitcoin Trust.

During the period Feb. 12-16, $624 million was withdrawn from the fund as investors sold their shares. Since Grayscale converted its over-the-counter fund to a spot ETF on Jan. 10, the fund has lost over $7 billion in capital.

Bitcoin’s recent price gains may be attributed to the new ETFs. Cryptocurrencies are up 91% in the past four months due to the approval of spot ETFs by the SEC. In February, Bitcoin has risen 24% to $51,434 at the time of writing, up nearly 7% over the past week.

A number of major banks and financial institutions are also taking note of the new ETFs. The SEC was requested by a trade group coalition representing Wall Street’s biggest firms to consider modifications to Staff Accounting Bulletin 121, which provides guidance around accounting for crypto asset custody obligations. BTC funds could be held by banks as custodians under the revision.

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