New Bitcoin Spot ETFs Offset Outflows from Grayscale's GBTC Fund, Bringing in Over $700M Last Week
• Bitcoin ETFs saw over $700M in net inflows last week as new spot BTC ETFs offset outflows from Grayscale's GBTC fund • BlackRock's IBTC and Fidelity's FBTC spot bitcoin ETFs booked $884M and $674M in inflows respectively • GBTC saw $927M in outflows last week, a notable drop from the previous week's $2.2B • GBTC outflow momentum has slowed significantly in recent weeks • As of last week, new bitcoin ETFs had amassed $7.7B, more than offsetting the $6B outflows from incumbents like GBTC