Which funds led BTC ETF flows?

TLDR

Over the last week, inflows were led by BlackRocks iShares Bitcoin Trust (IBIT), while outflows were concentrated in Grayscales GBTC and Fidelitys FBTC.

1. IBIT posted a leading daily inflow of $192.9 million on 10 Dec, the strongest in nearly three weeks (report).
2. On 8 Decs net-outflow day, GBTC (-$44.03M) and FBTC (-$39.44M) were the largest drags, with IBIT the lone positive fund (update).
3. On 11 Dec, IBIT (+$76.70M) and Bitwise BITB (+$8.44M) led inflows, while FBTC (-$104M) led outflows (data recap).

Deep Dive

1. IBIT Leads Inflows

BlackRocks IBIT dominated the inflow leaderboard this week.

• On 10 Dec, IBIT drove the move with $192.9 million of inflows, the bulk of a $223.5 million positive day for spot BTC ETFs (report).
• IBIT also posted $76.70 million of inflows on 11 Dec, topping the group again (data recap).

2. GBTC and FBTC Led Outflows

On weaker sessions, outflows were concentrated in GBTC and FBTC.

• On 8 Dec, net flows were -$60.48 million for BTC ETFs, with GBTC (-$44.03M) and FBTC (-$39.44M) leading outflows; IBIT was the exception with +$28.76M (update).
• A similar pattern persisted on 11 Dec, when FBTC (-$104M) topped outflows despite IBITs inflow leadership (data recap).

3. Secondary Leaders: BITB and Others

Outside the big three, Bitwises BITB occasionally contributed meaningful inflows.

• On 11 Dec, BITB added $8.44 million, second to IBIT that day (data recap).
• On net-outflow days, smaller issuers showed mixed prints, and VanEcks fund also saw withdrawals on 8 Dec (noted at -$5.76M) alongside the larger outflows in GBTC and FBTC (market note).

Conclusion

Flows this week were led by IBIT on positive days, while GBTC and FBTC dominated outflows on weaker sessions. Leadership can rotate intraday, but tracking IBIT (for strength) and GBTC/FBTC (for pressure) gives the clearest read on BTC ETF demand and near-term market tone.