Newly launched spot BTC ETFs were among the most popular financial products at the beginning of the year, absorbing $18.6 billion in outflows from GBTC Grayscale and accumulating an additional $17 billion.
BlackRock's IBIT Bitcoin fund, for example, ranked 4th among all ETFs in terms of YTD inflows.
Yes, Bitcoin ETFs have attracted significant amounts, but expectations have not been met:
- Institutional investors such as pension funds showed little interest
- The main buyers were investment advisors and hedge funds, not new major players
- Despite Bitcoin's rising price, it is lagging far behind the leading stocks on the market