US Bitcoin ETFs Take Over $500M In Single Week As Grayscale Exits Slow

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Investors poured more than $500 million into ten exchange-traded funds (ETFs) that track the spot price of Bitcoin last week, data from Farside Investors showed. The positive performance was mainly driven by a slowdown in Grayscale’s GBTC outflows and steady inflows into rival funds, with BlackRock’s IBIT leading the way.

U.S. spot Bitcoin ETFs posted a seventh straight day of net inflows after collectively drawing more than $250 million on Friday, the most since July 23, data showed.

BlackRock’s IBIT led the pack with more than $310 million in weekly inflows. Fidelity’s FBTC took second place with about $88 million. With last week’s gains, FBTC is on track to hit $10 billion in net inflows.

ARK Invest/21Shares’ ARKB, Grayscale’s BTC and Bitwise’s BITB also reported strong inflows, while other funds issued by Invesco/Galaxy, Franklin Templeton, Valkyrie, VanEck and WisdomTree saw smaller gains .

Despite a reduction in the withdrawal rate, Grayscale’s GBTC still saw around $86 million in outflows. About $19.7 billion has been withdrawn from GBTC since it was converted to an ETF.

As reported by Crypto Briefing, the State of Wisconsin Investment Board, which previously held 1,013,000 shares of GBTC, completely exited its position on June 30. The board, however, increased its stake in BlackRock’s IBIT, reporting a total of 2,898,051 shares held.

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