Bitcoin ETF flows

Chart of daily inflows and outflows of US spot bitcoin ETFs against the BTC price since their launch in January 2024, with cumulative flows and a per-fund breakdown.

What are bitcoin ETF flows?

Spot ETFs buy actual bitcoin when they receive money from their investors and sell it when investors withdraw. Each session's net flow is the difference between inflows and outflows across all funds, and shows whether traditional investors are buying or selling Bitcoin exposure.

How much have they taken in since launch?

Since January 2024, US spot bitcoin ETFs have accumulated about $57 billion in net inflows: $35 billion in 2024 and $21 billion in 2025. BlackRock's IBIT has taken in about $66 billion, while Grayscale's GBTC has lost about $28 billion after converting from a closed-end fund to an ETF with higher fees than its rivals.

How should you read them?

Strong, sustained inflows have accompanied rallies and tops, and outflows have accompanied drops and lows: they reflect investor sentiment rather than predict it. That is why the Is BTC Cheap? index uses the sum of the last 20 sessions as one more sentiment metric. With less than three years of history, it is worth treating with caution.