Bitcoin ETFs in America attracted $900 million in the first 3 days of their trading, amid welcome for the new investment tool that tracks the largest cryptocurrency by market value.
New funds led by companies including BlackRock, Franklin Templeton and Invesco received net inflows of $871 million, according to data from digital asset manager CoinShares.
BlackRock, the world's largest asset manager, led flows with $723 million, followed by Fidelity at $545 million.
These inflows were offset by exits of $1.18 billion from Grayscale.
Analysts believe that the exits will likely be the result of investors shifting towards one of the new funds that charge lower fees from Grayscale.
Excluding exits from Grayscale, the remaining 10 funds received inflows of $2 billion.
The US Securities and Exchange Commission approved the first bitcoin exchange-traded fund at spot prices, a long-awaited step that paves the way for the approval of funds for more cryptocurrencies in America.
Speculation about the fate of this step has sparked a rise in Bitcoin by about 70% since October. However, the cryptocurrency has declined by about 6% since the funds were approved.
