Total net flows from the first five days of trading for the new U.S. spot bitcoin ETFs now stand at nearly $1.2 billion, with Fidelity joining BlackRock in the $1 billion-plus inflows club yesterday, according to data from BitMEX Research.

Bitwise is currently in third place with $395.5 million worth of inflows, while Ark Invest/21Shares and Invesco have seen a total of $320.9 million and $194.9 million, respectively. Overall, 10 of the 11 ETFs have seen inflows totaling almost $3.4 billion so far, with Grayscale notching up $2.2 billion in outflows. The remaining funds have all witnessed less than $100 million worth of total inflows.

Total product flow. Image: BitMEX Research.

Spot bitcoin ETFs see biggest day of net outflows since launch

Overall, the spot bitcoin ETFs witnessed net outflows of $131.6 million yesterday — the largest so far — with GBTC significantly eclipsing inflows from the other funds.

Despite 10 of the 11 ETF products generating a total of $447.9 million worth of inflows, it was not enough to overcome $579.6 million in outflows from Grayscale’s converted fund, according to BitMEX Research.

Fidelity (FBTC) and BlackRock (IBIT) spot bitcoin ETFs led yesterday’s inflows, attracting $177.9 million and $145.6 million, respectively. Invesco (BTCO) witnessed the third-largest inflows for the day at $59 million, while Ark Invest/21Shares (ARKB) saw $41.8 million and Bitwise (BITB) $20.1 million. Flows for the remaining ETFs were flat on Thursday.

Yesterday was the second day of net outflows, having returned to net inflows of $474 million on Wednesday. Tuesday also saw $40.5 million in outflows, compared to $229.4 million worth of inflows on day two and $628.5 million on day one.

Daily product flow. Image: BitMEX Research.

Grayscale, BlackRock and Fidelity continue to dominate trading volume and AUM

Grayscale, BlackRock and Fidelity’s spot bitcoin ETFs continued to dominate trading volume yesterday, with almost $2.1 billion in volume across all the funds adding to a cumulative total approaching $14 billion, according to Yahoo Finance data compiled by The Block.

Grayscale’s GBTC contributed nearly $1.1 billion to Thursday’s trading volume, with BlackRock’s IBIT and Fidelity’s FBTC generating $416 million and $367 million, respectively.

The big three also dominate in terms of assets under management, according to the latest data compiled by The Block. GBTC currently shows an AUM of $25.6 billion, with IBIT and FBTC at $1.1 billion and $875 million, respectively.

Putting that into perspective, VanEck Digital Asset Strategy Director Gabor Gurbacs said, “The Bitcoin BTC -2.23% ETFs are a force of nature. They took in 25x El Salvador’s bitcoin holdings, about the size of Tether’s bitcoin assets on reserve, 39% of MicroStrategy’s $8 billion and exceeded silver ETFs… all in a single week.”

Bitcoin price falls and could face more pressure from GBTC profit-taking

Bitcoin’s price briefly fell below $41,000 yesterday amid the net outflows from the spot ETFs before recovering slightly. Bitcoin is currently trading at $41,379, according to The Block’s price page — down 3% over the last 24 hours and around 10% since the ETFs launched on Thursday last week.

BTC/USD price chart. Image: The Block/TradingView.

The largest cryptocurrency by market cap could face further pressure on its price should GBTC investors continue to take profits, according to analysts at JPMorgan. Last week, JPMorgan estimated up to $3 billion in GBTC outflows as speculative investors were likely to take profits.

"If the previous $3 billion estimate proves correct and given $1.5 billion has exited already, then there could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.

GBTC investors — who over the past year had been buying the fund's shares at a significant discount to net asset value to position for a potential ETF conversion — "have been taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs," the analysts said.