- US Spot Bitcoin ETFs mark their first anniversary amid significant outflows totalling over half a billion USD, with BlackRock’s IBIT and Fidelity’s FBTC leading the recent trading volume of US$3.5 billion.
- The ETFs’ launch day in January 2024 saw positive inflows of US$655.3 million led by Bitwise, contrasting sharply with current market conditions where all funds are experiencing net outflows.
- Bitcoin’s price has doubled from its initial ETF launch price of US$46-47K to current levels of US$92,690, demonstrating strong performance despite the recent ETF outflows.
Here’s an often-used phrase that still rings true: how time flies. Yes, it’s true; it’s now 2025. We’ve all aged, but that’s not the only change. The US Spot Bitcoin exchange-traded funds (ETFs), are celebrating their first anniversary.
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Perhaps not so much celebrating, as the price of most cryptos is down and the ETFs have not fared much better.
IBIT Leads in Volume, FBTC in Outflows
Nearly a year after their first trading on January 11, 2024, the ETFs have suffered some of their heaviest outflows. The most recently available data from Wednesday shows over half a billion USD left the funds combined. The 24-hour trading volume was also nothing to scoff at with a surge of US$3.5 billion (AU$5.65 billion).
BlackRock’s IBIT, setting the standard as usual, led the charge with a US$2.53 billion (AU$4.08 billion) trading volume followed by Fidelity’s FBTC US$406.84 million (AU$657 million).
Of course, volume is the combination of inflows and outflows, so all the trades, including buyers stepping in to load up on an ETF and sellers handing over their ownership to a Bitcoin ETF.
Looking at actual outflows, which were negative across the board for these ETFs, FBTC saw the largest net outflow with US$258.7 million (AU$414.8 million), followed by IBIT’s US$124 million (AU$200 million).
So, the discrepancy in volume and outflows comes likely from the fact that FBTC experienced more capital withdrawal relative to its trading volume, whereas more capital overall remained invested than was withdrawn for IBIT, which already has the largest amount of BTC under management.
Bitcoin Doubles in First ETF Year
Back to the anniversary, and some historical context. The very first trading day had much more balanced flows. Bitwise Bitcoin ETF (BITB) led with the largest net inflows, followed by FBTC and IBIT. In total, the first ever day of trading for these funds saw US$655.3 million (AU$1.06 billion) in net inflows.
And Bitcoin itself? On that day, the asset behind all the ETFs traded in a range of US$46-47k (approx. AUD $70k at the time). Today one coin trades hands for US$92,690 (AU$149,497).
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It is hard to believe it’s been a year already. Time truly does fly, let’s see where we’re at in another 12 months’ time.
Maybe we have several new altcoin ETFs? Will Bitcoin be US$250k as some have speculated?
I guess only time will tell (and that’s enough with the idioms for today).
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