The numbers don’t lie: The Bitcoin exchange-traded funds (ETFs) approved in January have been wildly popular.

Data from Farside Investors shows that total net inflows for Bitcoin ETFs have now hit $20.2 billion. And that’s even accounting for the $20 billion that has fled from Grayscale’s fund.

In the ETF world, flows are the amount of money coming in and out of a product. They are a good measurement of how well a fund is performing as it shows how active the vehicle is. 

Investors have put billions of dollars into the funds but have also cashed billions out of Grayscale’s GBTC. Grayscale’s investment product previously operated like a closed-end fund, making it difficult for investors to redeem shares. Its conversion in January led to a flood of capital out of the product as investors sought cheaper ETFs or cashed out their gains. 

But Grayscale clients are more or less done cashing out, it seems, and money is fast entering Bitcoin ETFs from other issuers again—
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Author: Mathew Di Salvo