Bitcoin Spot ETF Listed for One Week: Net Inflow of $1.2 Billion, Price Falls 14.8%

On January 11, the U.S. Securities and Exchange Commission officially approved 11 Bitcoin Spot ETFs. The market generally expects this to attract more funds into the crypto market and drive up Bitcoin prices. However, within a week after the ETF opened, these optimistic expectations have not materialized, and Bitcoin prices have fallen back to around $41,000.

By analyzing the basic situation and trading conditions of each ETF, we found:

1. As of January 19, the total assets under management of 11 Bitcoin Spot ETFs is approximately $26.975 billion. The top three are Grayscale (235.37 billion ), iShares Bitcoin Trust (11.99 billion ), and Fidelity Wise Origin Bitcoin Fund (10.17 billion ). From the 11th to the 19th, the total assets under management decreased by 8.41%.

2. As of January 19, the 8 ETFs that disclosed their coin holdings collectively hold 635,700 BTC, of which Grayscale holds approximately 567,000 BTC. The holdings of iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and Bitwise Bitcoin ETF are approximately 28,600, 24,900, and 10,200 BTC, respectively.

3. Since the opening of the ETF, there has been a general fall, with the average market price of 11 ETFs dropping by 14.80%.

4. The price of ETFs is volatile, with an average daily fluctuation of about 5.63% for 11 ETFs, higher than the 4.78% of Bitcoin during the same period.

5. 5 ETFs are in a discount state, with the highest discount rate being BRRR(0.51%), and the lowest being GBTC(0.27%). The arbitrage space based on the discount rate of GBTC has already narrowed.

6. The total trading volume within 6 days after the ETF listing is approximately $16.691 billion. GBTC has the largest trading scale, reaching $9.012 billion, followed by IBIT and FBTC, which are $3.194 billion and $2.649 billion respectively.

7. After the ETF was listed, the cumulative net inflow of funds in 6 days was approximately $1.208 billion, with a net inflow of $628 million on the first day. Although it injected new funds into the cryptocurrency market, it is still a distance away from driving a new round of "institutional bull".

8. American investors are relatively optimistic about the ETF approval and listing, while Asian investors are more cautious.

9. The Bitcoin market has recently shown some positive features: increased market purchasing power, heightened on-chain transaction activity, and an increasing trend of Bitcoin accumulation.

Overall, Bitcoin Spot ETF has brought new capital inflows to the crypto market, but has not triggered significant increases in the short term. The market still holds expectations for future events such as Bitcoin halving, and the subsequent interaction between ETF and Bitcoin price is worth further observation.