U.S. Spot Bitcoin ETF Inflows Surge 175% Year-Over-Year

U.S.-listed spot bitcoin exchange-traded funds (ETFs) have seen a 175% year-over-year increase in almost the first three weeks of trading. In 2025, from Jan. 13 to Feb. 5, net inflows equaled $4.4 billion, while the 2024 net inflows for the first three weeks equaled $1.6 billion.The spot bitcoin ETFs were one of the most successful ETF launches of all time, and have accumulated over $40.6 billion in total net inflows. In the same time, BlackRock iShares Trust has seen a total of $40.7 billion in net inflows. While the total net inflow for all 11 spot BTC ETFs is $40.6 billion, due to Grayscale GBTC witnessing outflows of $21.9 billion.To determine whether these inflows reflect a directional long position or are part of a basis trade—where an investor goes long on the underlying asset in the spot market while simultaneously selling futures contracts when they trade at a premium to spot. Currently, investors can capture a premium of approximately 10%, which will eventually diminish as the spot price converges with the futures contract's expiry.According to Glassnode data, the Chicago Mercantile Exchange , the primary venue for such trades, has seen a year-to-date decline in open interest from 180,099 BTC to 168,549 BTC, suggesting that these inflows are not primarily driven by basis trading.