According to a recent report, US spot bitcoin exchange-traded funds (ETFs) witnessed inflows exceeding $5 billion in January, a surge from the previous month. This uptick is observed amid the return of President Donald Trump to the White House.
In January, the 12 listed bitcoin ETFs reportedly experienced inflows close to $5.25 billion, a significant leap from the $4.53 billion recorded in December 2024. The data was compiled by SoSoValue.
Leading the pack was BlackRock’s IBIT, which saw a whopping $3.23 billion in inflows for the month. By the end of January, the net assets of IBIT reached an impressive $59.39 billion, a growth of $7.67 billion within the month.
Following closely was Fidelity’s FBTC, the second-largest spot bitcoin ETF by net assets, which reported monthly inflows of $1.28 billion. The net assets of FBTC surged to $21.76 billion from $18.87 billion at the start of the month.
Bitwise’s Chief Investment Officer, Matt Hougan, projects that these ETFs could attract over $50 billion in inflows this year. Despite acknowledging the potential for volatility, Hougan expressed optimism, “we end the year north of $50 billion,” he stated.
Despite the positive inflow data, Bitcoin dropped by 4.2% to trade at $95,500 at the time of reporting amidst a wider crypto market sell-off. Ether also experienced a 16.5% loss, trading at $2,591.
The crypto market’s positive sentiment, built up since Trump’s reelection, seems to be wavering due to the absence of any crypto-specific announcements from Trump since his inauguration. This observation was made by Min Jung, a research analyst at Presto Research.
Disclaimer: This article is purely informational. It is not intended to be used as legal, tax, investment, financial, or other advice. Always do your own research and consult with a professional before making any financial decisions. All rights reserved © 2024 The Block.
