The #BTC spot ETF saw a cumulative net inflow of 3.0629 billion USD last week, with five consecutive trading days of net inflow. According to CoinAnk data, an additional 590 million USD flowed in this Monday.

Sixteen months after the launch of the spot Bitcoin #etf , Grayscale #gbtc remains dominant in revenue generation, with an annual income exceeding 268 million USD, surpassing the total revenue of all other Bitcoin ETFs, which is 211 million USD.

We believe that the recent capital flow in the U.S. Bitcoin spot ETF exhibits significant differentiation characteristics. Data shows that last week (ending April 28, 2025), the cumulative net inflow of the Bitcoin spot ETF reached 3.06 billion USD, maintaining net inflow for five consecutive trading days, indicating that market demand for the allocation of crypto assets remains resilient. However, Grayscale's GBTC demonstrates a unique market position: despite its long-term net outflow of funds (with a historical cumulative outflow exceeding 20 billion USD), its implied annual income still reaches 268 million USD, exceeding the total income of all other Bitcoin ETFs (211 million USD), primarily due to its massive existing scale and high fee structure.

In terms of competitive landscape, emerging ETFs like BlackRock's IBIT and Fidelity's FBTC continue to attract incremental capital with low fee strategies, for instance, IBIT once hit a peak of 2.15 billion USD net inflow in a single week. However, Grayscale still dominates revenue through brand accumulation and first-mover advantage. This dual-track phenomenon of "existing scale generating income and incremental competition diverting funds" reflects the transition of the ETF market from early monopoly to diversified competition. Notably, despite GBTC facing long-term pressure from capital outflow, recent data shows that its daily net outflow has decreased from tens of millions to the million level, with occasional net inflows, suggesting a potential marginal improvement in market sentiment.

From a macro perspective, the total net asset value of spot Bitcoin ETFs has surpassed 100 billion USD, accounting for more than 5% of the total Bitcoin market capitalization, and its capital flows have become an important factor influencing price fluctuations. Researchers believe that the current structural contradictions in the ETF market (income concentration versus capital dispersion) may drive product innovation, such as Grayscale launching a mini BTC ETF to attempt to balance fees and scale, while institutions like BlackRock consolidate market share through continuous inflows. Future attention should focus on the impact of regulatory policy changes and institutional investor behavior on the rebalancing of capital flows.