Spot Bitcoin ETFs see strong start to 2025
Inflows into Bitcoin-ETFs
Spot Bitcoin ETFs registered in the U.S. have shown a 175% increase in the first three weeks of 2025 compared to the same period last year. From January 13 to February 5, 2025, net inflows reached $4.4 billion, whereas during the same period in 2024, net inflows amounted to $1.6 billion.
According to CoinDesk, the launch of spot Bitcoin ETFs has been one of the most successful in history, with their total net inflows now exceeding $40.6 billion. Among all ETFs, BlackRock iShares Trust (IBIT) leads the market, having attracted $40.7 billion. However, the total net inflows across all 11 spot BTC ETFs stand at $40.6 billion due to significant outflows of $21.9 billion from Grayscale GBTC.
Diverse Bitcoin investment strategies
A key question arises—do these inflows reflect the formation of long-term positions, or are they part of arbitrage strategies? Specifically, some investors may be engaging in a strategy where they buy Bitcoin on the spot market while simultaneously selling futures contracts when they trade at a premium.
Currently, investors can capture a 10% premium, but this arbitrage opportunity will gradually diminish as the spot price converges with the futures price closer to contract expiration.
According to Glassnode data, the Chicago Mercantile Exchange (CME), a primary venue for such trades, has seen a decline in open interest from 180,099 BTC to 168,549 BTC since the beginning of the year. This suggests that the recent inflows are likely not driven by arbitrage trading.
It is also worth noting that Bitcoin ETFs attracted over $3 billion in net inflows in the first four trading days of 2025, with BlackRock’s fund leading the way.
