The clear frontrunner in this regard, as per analysts from BitMEX exchange, is the Bitcoin spot ETF offered by BlackRock, the largest asset management company. Within just one week, this fund attracted $1.6 billion in investments. Notably, shareholders have already invested a total of $5.2 billion in the IBIT fund since the start of the year. This accounts for nearly half of the company’s total funds, which consists of over 400 ETFs.
Other companies also experienced a fruitful week in terms of ETF investments. For instance, the Filelity FBTC fund raised an impressive $648.5 million in a week, while ARKB by 21Shares secured $405 million. Additionally, Bitwise’s BITB fund received $232.1 million in shareholder investments.
In terms of overall figures, the results could have been even higher if not for the ongoing outflow of funds from Grayscale’s GBTC fund. Following its conversion from a private fund to an ETF, the less attractive terms of GBTC have prompted investors to divert their funds to other instruments. Over the course of a week, $624 million was withdrawn from the fund, leading to a decline in GBTC’s capitalization by $7 billion since the conversion.
Interestingly, Bloomberg analyst Eric Balchunas suggests that the launch of spot Bitcoin ETFs, coupled with the growing interest in them, has emerged as a significant factor contributing to the cryptocurrency market’s surge.