One year of bitcoin spot ETPs: A brief market and fund flow analysis

Nico Oefele

Economics Letters, 2025, vol. 250, issue C

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 (search for similar items in EconPapers)
JEL-codes: E44 G11 G23 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:250:y:2025:i:c:s0165176525001417

DOI: 10.1016/j.econlet.2025.112304

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