Bitcoin ETFs, One Year Later

January 21, 2025

In this week’s issue of Coin Metrics’ State of the Network, we reflect on the remarkable success of spot Bitcoin ETFs as they mark their 1-year anniversary, revisiting their flows, standout issuers, and market-shaping impact.

Key Takeaways:

In year one, Bitcoin ETFs attracted $115B AUM, $32B in net inflows, and now hold ~5.7% of Bitcoin’s supply.
BlackRock’s iShares Bitcoin ETF dominates with 540K BTC, while Grayscale’s holdings declined as investors shifted to lower-cost options.
Bitcoin ETFs have driven institutional adoption, redefining market structure and cementing Bitcoin’s role as a mainstream asset.

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