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U.S.-Listed Spot Bitcoin ETFs See 175% Year-Over-Year Increase in Inflows
Net Inflows Reach $4.4 Billion in 2025
U.S.-listed spot bitcoin exchange-traded funds (ETFs) have seen a staggering 175% year-over-year increase in inflows in the first three weeks of trading. In 2025, from January 13 to February 5, net inflows equaled $4.4 billion, while the 2024 net inflows for the first three weeks equaled $1.6 billion.
Successful ETF Launch
The spot bitcoin ETFs were one of the most successful ETF launches of all time, accumulating over $40.6 billion in total net inflows. In the same period, BlackRock iShares Trust (IBIT) has seen a total of $40.7 billion in net inflows. However, it’s worth noting that Grayscale GBTC witnessed outflows of $21.9 billion, which affected the total net inflow for all 11 spot BTC ETFs.
Investor Inflows: Long Position or Basis Trade?
To determine whether these inflows reflect a directional long position or are part of a basis trade, where an investor goes long on the underlying asset in the spot market while simultaneously selling futures contracts when they trade at a premium to spot, we need to examine the current market situation.
At present, investors can capture a premium of approximately 10%, which will eventually diminish as the spot price converges with the futures contract’s expiry.
Futures Market Open Interest Declines
According to Glassnode data, the Chicago Mercantile Exchange (CME), the primary venue for such trades, has seen a year-to-date decline in open interest from 180,099 BTC to 168,549 BTC, suggesting that these inflows are not primarily driven by basis trading.
Conclusion
In conclusion, the U.S.-listed spot bitcoin ETFs have experienced a remarkable surge in inflows, with net inflows reaching $4.4 billion in 2025. While the reasons behind this trend are still unclear, the data suggests that it is not primarily driven by basis trading. As the market continues to evolve, investors will be keeping a close eye on these developments to better understand the underlying dynamics at play.
FAQs
Q: What is the current premium in the spot market?
A: The current premium is approximately 10%.
Q: How does basis trading work?
A: Basis trading involves going long on the underlying asset in the spot market while simultaneously selling futures contracts when they trade at a premium to spot.
Q: What is the current open interest in the CME futures market?
A: The current open interest is 168,549 BTC, a year-to-date decline from 180,099 BTC.
Q: What is the total net inflow for all 11 spot BTC ETFs?
A: The total net inflow is $40.6 billion, with Grayscale GBTC witnessing outflows of $21.9 billion.
