U.S. Spot Bitcoin ETF Inflows Surge 175% Year-Over-Year

Bitcoins

Bitcoins Total net inflows for U.S. bitcoin-listed ETFs have seen over $40.6 billion.

Updated Feb 5, 2025, 12:09 p.m. UTCPublished Feb 5, 2025, 12:03 p.m. UTC

U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have seen a 175% year-over-year increase in almost the first three weeks of trading. In 2025, from Jan. 13 to Feb. 5, net inflows equaled $4.4 billion, while the 2024 net inflows for the first three weeks equaled $1.6 billion.

The spot bitcoin ETFs were one of the most successful ETF launches of all time, and have accumulated over $40.6 billion in total net inflows. In the same time, BlackRock iShares Trust (IBIT) has seen a total of $40.7 billion in net inflows. While the total net inflow for all 11 spot BTC ETFs is $40.6 billion, due to Grayscale GBTC witnessing outflows of $21.9 billion.

To determine whether these inflows reflect a directional long position or are part of a basis trade—where an investor goes long on the underlying asset in the spot market while simultaneously selling futures contracts when they trade at a premium to spot.

Currently, investors can capture a premium of approximately 10%, which will eventually diminish as the spot price converges with the futures contract’s expiry.

According to Glassnode data, the Chicago Mercantile Exchange (CME), the primary venue for such trades, has seen a year-to-date decline in open interest from 180,099 BTC to 168,549 BTC, suggesting that these inflows are not primarily driven by basis trading.

James Van Straten

James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.

In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).

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