U.S. Spot Bitcoin ETFs See a 175% Surge in Inflows Year-Over-Year, Totaling Over $40.6B
U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have experienced a significant 175% increase in year-over-year inflows during the first few weeks of 2025. From January 13 to February 5, these ETFs saw net inflows of $4.4 billion, compared to $1.6 billion during the same period in 2024.
The launch of spot bitcoin ETFs has proven to be one of the most successful in the history of ETFs, accumulating a total of $40.6 billion in net inflows. For comparison, the BlackRock iShares Trust (IBIT) has garnered a total of $40.7 billion in net inflows. However, the overall net inflow for the 11 spot BTC ETFs stands at $40.6 billion, as Grayscale’s GBTC saw outflows amounting to $21.9 billion.
The significant inflows prompt questions about whether they reflect long positions on bitcoin or if investors are engaging in basis trading—where investors buy the underlying asset in the spot market and sell futures contracts when they trade at a premium. Currently, the premium is approximately 10%, but this is expected to decrease as the spot price aligns with the futures contract expiration.
Data from Glassnode reveals that open interest on the Chicago Mercantile Exchange (CME), a primary venue for such trades, has dropped from 180,099 BTC to 168,549 BTC this year, indicating that the recent inflows are likely not driven by basis trading strategies.
