What You Need to Know
- U.S.-listed bitcoin ETFs have experienced inflows exceeding $40.6 billion in total.
- In the first three weeks of 2025, these inflows increased by 175% compared to the same period the previous year.
U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have reported a 175% year-over-year increase during the initial weeks of trading. From January 13 to February 5, 2025, the net inflows amounted to $4.4 billion, closely surpassing $1.6 billion recorded in 2024 for the same timeframe.
These ETFs are noted as one of the most successful launches in the industry, gathering a total of more than $40.6 billion in net inflows, with the BlackRock iShares Trust (IBIT) showing a total of $40.7 billion during this period; however, Grayscale’s GBTC saw outflows of $21.9 billion.
To assess whether these inflows constitute a substantial long position or are part of a trading strategy called a basis trade—buying the spot asset while selling futures at a premium—investors can expect a premium of approximately 10%, which is likely to decrease as the spot price aligns with the futures sector.
According to data from Glassnode, the Chicago Mercantile Exchange (CME) has noted a decline in open interest year-to-date from 180,099 BTC to 168,549 BTC, indicating these latest inflows are not largely fueled by basis trading.
