#ChartoftheDay #Bitcoin's price increased 69% QoQ in Q1 2024, demonstrating the great success of spot BTC ETFs. According to Messari, spot BTC ETFs saw over $12 billion in inflows, or 212,000 BTC, in Q1, bringing the total AUM to 831,488 BTC.

#GBTC of Grayscale, which had existed as a BTC Trust before the approval, saw its market share reduced to below 50% as the nine newly approved ETFs took in 493,807 BTC in Q1. BlackRock's #IBTC and Fidelity's #FBTC were the top two performers in Q1; each had $13.9 billion and $7.5 billion inflows, respectively.

From the chart, we can see that daily flows were high at the beginning but had significantly weakened by the end of March. This reflects the waning interest of investors, especially #TradFi institutions. Given the macroeconomic factors, such as elevated crude oil prices due to geopolitics, and rising precious metal prices, whether the appeal of spot BTC ETFs will be sustained is still being determined.

Most recently, Hong Kong regulators approved the launch of spot Bitcoin and ether ETFs. Whether funds in #HongKong will buy in is also uncertain. However, new narratives arising in relation to spot #ETH ETFs and Bitcoin would be worth watching.