Spot Bitcoin Funds Ended the Week With $818.5 Million of Net Inflows

The first complete market record available on February 3, 2024 showed that U.S. spot bitcoin exchange-traded products had attracted an estimated $818.5 million of net inflows over the five trading sessions from January 29 through February 2.

Every session in that window was positive on a group basis. The estimated daily totals were $255.1 million, $247.3 million, $197.6 million, $38.5 million and $80.0 million, respectively. Coinburn calculated the weekly figure by summing those five daily observations in Farside Investors’ historical flow table.

The result mattered because it indicated that demand for the newly launched products was exceeding continued redemptions from the converted Grayscale Bitcoin Trust. It did not establish that fund activity caused a particular bitcoin price move, and it did not eliminate the possibility that reported flows would later be revised.

A reversal after the launch turbulence

The Securities and Exchange Commission had approved exchange rule changes for 11 bitcoin-based products on January 10, 2024. The products began trading on January 11, creating a regulated securities-market channel through which investors could obtain bitcoin exposure without directly holding the asset.

Their opening sessions produced large subscriptions into new funds alongside heavy withdrawals from Grayscale Bitcoin Trust, which converted from a closed-end trust. Farside’s table estimates that the product group recorded a net $416.8 million of outflows across the five sessions from January 22 through January 26.

Against that comparison window, the $818.5 million net inflow from January 29 through February 2 represented a calculated swing of $1.2353 billion. This is a comparison between two five-session totals, not a measure of assets under management, investment performance or bitcoin purchased at a single price.

New-fund demand outweighed GBTC redemptions

Farside’s fund-level figures show estimated GBTC outflows totaling $926.7 million from January 29 through February 2. The remaining products collectively recorded approximately $1.7452 billion of inflows, producing the $818.5 million group net figure after subtraction.

BlackRock’s iShares Bitcoin Trust accounted for an estimated $976.9 million of the five-session inflow, while Fidelity’s Wise Origin Bitcoin Fund accounted for $674.1 million. Those are Coinburn calculations from daily fund observations denominated in millions of U.S. dollars. They should not be interpreted as audited cash statements or exact same-day purchases in the fragmented global bitcoin market.

The week also showed GBTC’s redemption pace moderating. Its estimated daily outflow declined from $191.7 million on January 29 to $144.6 million on February 2. Five observations were insufficient to establish a durable trend, but the change helped the combined product group remain net positive throughout the window.

What the February 3 checkpoint established

The defensible conclusion on February 3 was narrow: the new market structure had moved beyond its initial launch imbalance, and subscriptions across the product group had exceeded withdrawals for a full trading week. The flow record demonstrated demand through securities accounts; it did not identify every investor, reveal whether creations were hedged elsewhere or prove lasting adoption.

The SEC’s approval order was also limited. It authorized exchange listing and trading under the applicable rules; it did not endorse bitcoin, guarantee liquidity or remove the asset’s volatility and custody risks.

No February 3 bitcoin return is asserted. Bitcoin trades continuously, while the exchange-traded products observe U.S. securities-market hours and did not trade on Saturday, February 3. Comparing fund flows with weekend crypto prices would therefore require mismatched trading windows and would not, by itself, establish causation.

The $818.5 million figure is best read as a five-session institutional-access checkpoint: substantial enough to show that the products were gaining traction, but still provisional and dependent on a compiled flow methodology rather than a single consolidated regulatory tape.