Download This PaperOne year of Bitcoin spot ETPs: A brief market and fund flow analysis
Economics Letters, 2025[10.1016/j.econlet.2025.112304]
10 Pages Posted: 27 Mar 2025 Last revised: 28 Mar 2025
Date Written: January 28, 2025
Abstract
Since January 2024, the market for Bitcoin spot exchange-traded products has expanded rapidly. The market became increasingly concentrated, with more than half of the assets under management allocated to a single product. The average weekly net fund flow of 1.4 % indicates strong investor demand. Daily changes in Bitcoin’s price are the primary driver of daily net fund flows. On average, a 3.4 % change in Bitcoin’s price corresponds to a 0.2 % net fund flow, all else equal. This suggests that investors in Bitcoin spot ETPs primarily base their investment decisions on Bitcoin’s price movements.
Keywords: bitcoin, exchange-traded product, net fund flow, assets under management
JEL Classification: E44, G11, G23
Suggested Citation: Suggested Citation
Oefele, Nico, One year of Bitcoin spot ETPs: A brief market and fund flow analysis (January 28, 2025). Economics Letters, 2025[10.1016/j.econlet.2025.112304], Available at SSRN: https://ssrn.com/abstract=5114273 or http://dx.doi.org/10.1016/j.econlet.2025.112304
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