The U.S. Spot Bitcoin ETF has seen a remarkable 175% increase in inflows year-over-year.

U.S. Spot Bitcoin ETFs Experience 175% Year-Over-Year Growth in Inflows, Reaching Over $40.6B

U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) have seen an impressive 175% increase in year-over-year inflows during the early part of 2025. From January 13 to February 5, the ETFs attracted $4.4 billion in net inflows, up from $1.6 billion during the same period in 2024.

These spot bitcoin ETFs have quickly become one of the most successful ETF launches in history, accumulating a total of $40.6 billion in net inflows. For comparison, BlackRock’s iShares Trust (IBIT) has seen a total of $40.7 billion in net inflows. However, the overall net inflow for the 11 spot BTC ETFs is $40.6 billion, with Grayscale’s GBTC experiencing $21.9 billion in outflows.

There is speculation about whether these inflows represent a long position in bitcoin or are part of basis trading, in which investors buy the underlying asset in the spot market and sell futures contracts when they trade at a premium. Currently, the premium is around 10%, which is expected to narrow as the spot price converges with futures contracts as they near expiration.

According to data from Glassnode, open interest on the Chicago Mercantile Exchange (CME), which is the main venue for such trades, has decreased from 180,099 BTC to 168,549 BTC this year, suggesting that the recent inflows are not primarily driven by basis trading activity.