Inflows into the U.S. Spot Bitcoin ETF have grown by 175% from the same period last year.

Spot Bitcoin ETFs in U.S. Experience a 175% Surge in Inflows, Reaching $40.6 Billion in Total

U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) have seen an extraordinary 175% year-over-year growth in inflows so far in 2025. From January 13 to February 5, net inflows amounted to $4.4 billion, a substantial rise compared to $1.6 billion during the same period last year.

These spot Bitcoin ETFs have become one of the most successful ETF launches, accumulating a total of $40.6 billion in net inflows to date. BlackRock iShares Trust (IBIT) has also seen $40.7 billion in net inflows during the same time. However, the total figure for all 11 spot Bitcoin ETFs stands at $40.6 billion, with Grayscale’s GBTC experiencing outflows of $21.9 billion.

The question now is whether these inflows reflect long-term investment in Bitcoin or are driven by basis trading strategies, in which investors purchase Bitcoin in the spot market while simultaneously selling futures contracts trading at a premium. Currently, there’s about a 10% premium, which is expected to narrow as the spot price aligns with the futures contracts closer to expiration.

Glassnode data shows a reduction in open interest on the Chicago Mercantile Exchange (CME), from 180,099 BTC to 168,549 BTC since the start of the year. This suggests that the significant inflows are likely not a result of basis trading strategies.