BlackRock and Fidelity\u2019s spot Bitcoin ETF products placed in the Top 10 among all ETFs by inflows during January, reports<\/a> U.S. financial services company Morningstar.<\/p>\n Net flows \u2013 deposits minus withdrawals \u2013 into BlackRock\u2019s IBIT fund reached $2.7B, whereas Fidelity\u2019s FBTC accounted for $2.3B.<\/p>\n Along with BlackRock and Fidelity, nine other spot Bitcoin ETFs launched on Jan. 11 after months of speculation and a botched tweet<\/a> from the SEC.<\/p>\n Unlike the other eight funds in the Top 10, both Bitcoin ETFs went live on Jan. 11, meaning they have been trading for less than a full month. This indicates significant interest from investors, notwithstanding Bitcoin\u2019s volatile price action in the weeks following the ETF launch.<\/p>\n Bitcoin tagged $48,494 on Jan. 11, the day the ETFs started trading, only to plummet<\/a> in the days after due to alleged selling<\/a> from Bitcoin miners. It has since recovered after bottoming at $38,740 on Jan. 23 and currently trades for $42,819, according to Coingecko<\/a>.<\/p>\n <\/p>\n <\/a><\/p>\n Not all is rosy in the spot Bitcoin ETF world, however, with Grayscale\u2019s GBTC witnessing the second-largest ETF outflow of January, reaching $5.7B.<\/p>\n The closed-end fund converted to an ETF, and investors could exit their positions at close to the net asset value (NAV). Since late January, outflows have slowly receded<\/a> from $640M on Jan. 22 to $255M on Jan. 29, as per James Seyffart, an analyst at Bloomberg.<\/p>\n The number could see another spike, however, as Genesis – a beleaguered sister company of Grayscale \u2013 files<\/a> to sell off $1.4B in GBTC shares.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n The other nine spot Bitcoin ETFs helped to offset the outflows from GBTC, with total flows reaching $1.45B, according<\/a> to BitMex Research.<\/p>\n \u201cReally something to see the Nine come back from that dip last week and overwhelm GBTC outflows for net positive six days straight totaling half a bil,\u201d wrote Eric Balchunas, senior ETF analyst for Bloomberg.<\/p>\n![\"BTC](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fffc5fc4b1c133d858c50c5ba49768e35b161ec46-808x508.jpg&w=828&q=100\")
New Bitcoin ETFs help to counter GBTC sales<\/h2>\n
\n