New U.S. bitcoin ETFs have amassed $7.7 billion in funds since debut, offsetting the $6 billion outflows from incumbents, according to CoinShares data.

Bitcoin-focused investment vehicles received more than $700 million in fresh money last week as inflows to new spot bitcoin (BTC) exchange-traded funds (ETFs) offset the abating outflows from Grayscale's flagship fund, GBTC, asset manager CoinShares reported Monday.

BlackRock-managed IBTC and Fidelity's FBTC, the two clear leaders among the newly issued spot bitcoin ETFs, booked $884 million and $674 million in weekly inflows, respectively. Both figures were slightly higher than the week before in dollar terms.

Meanwhile, investors withdrew some $927 million from GBTC, a notable drop from the previous week's $2.2 billion bleed.

"Data highlights a significant reduction in momentum of these outflows in recent weeks," James Butterfill, head of research at CoinShares, noted in the report.

Outflows from existing bitcoin funds like GBTC have been a source of concern over the past weeks as spot BTC ETFs started trading in the U.S. on Jan. 11. After a short-lived wave of withdrawals – mostly related to profit-taking and FTX selling GBTC holdings – outflows have slowed while inflows to new entrants remain consistent.

As of the end of last week, the new bitcoin ETFs had amassed $7.7 billion in funds, more than offsetting the $6 billion outflows from incumbents, the report highlighted.

Solana (SOL), which managed a remarkable comeback last year with a 10-fold price gain, topped inflows to altcoin-focused funds with $13 million. Investment vehicles that hold Ethereum's ether (ETH) and Avalanche's native token (AVAX) endured $6.4 million and $1.3 million in outflows.

https://www.coindesk.com/markets/2024/02/05/bitcoin-etfs-see-700m-net-inflows-as-blackrock-fidelity-gains-offset-gbtc-outflows-coinshares/