Bitcoin Spot ETFs Mark One-Year Anniversary With Significant Inflows

According to BlockBeats, January 10, 2024, marks the one-year anniversary since the approval of 11 Bitcoin spot ETFs, which began trading on January 11, 2023. Over the course of 250 trading days, these ETFs have seen a net inflow of $36.374 billion. BlackRock's IBIT leads with the highest net inflow of $37.85 billion, followed by Fidelity's FBTC with $12.14 billion. In contrast, Grayscale's GBTC experienced a net outflow of $21.58 billion, making it the only Bitcoin spot ETF with a net outflow. BlockBeats notes that Grayscale Bitcoin Trust was previously a primary avenue for investors entering the Bitcoin market, accumulating a substantial holding of 619,200 BTC before the introduction of spot Bitcoin ETFs. Upon transitioning to a spot ETF, it inherited this significant asset base. However, its management fee rate of 1.5% is higher than its competitors, prompting investors to redeem GBTC shares and shift to other ETFs, resulting in its status as the sole Bitcoin spot ETF with net outflows.