The newly launched spot Bitcoin exchange-traded funds (ETFs) have so far seen net inflows of over $6 billion after seeing more than $520 million of net inflows over the past day, as demand for the flagship cryptocurrency seemingly keeps on growing.

According to data shared by BitMEX Research, the ten spot Bitcoin exchange-traded funds approved by the U.S. Securities and Exchange Commission (SEC) that started trading on January 11 have so far attracted $6.03 billion in net inflows, with BlackRock’s IBIT and Fidelity’s FBTC leading the pack.

In total, IBIT has seen net flows of over $6 billion, while FBTC has seen a total of $4.2 billion in net flows. Their influence in total net inflows was partly offset by Grayscale’s Bitcoin Trust (GBTC), which was already the largest Bitcoin fund available before being converted into a spot Bitcoin EFT. It saw over $7.4 billion of outflows.

Spot Bitcoin ETFs have attracted significant investment, to the point research from senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp suggests that these could eventually overtake gold ETFs in assets under management.

In a recently published report, the analysts point out that Bitcoin ETFs have accumulated billions worth of assets since launch despite being less than two months old. They wrote thse funds “have taken in over $8 billion more than gold peers, already have 40% as much in assets and could pass them in size in less than two years.”

The report details that in the time spot Bitcoin ETFs have seen over $6 billion of inflwos, gold ETFs have seen around $3.6 billion. Moreover, while gold’s price has dropped by around 1.5% year-to-date, BTC is up around 30% over the same period, with the performance potentially contributing to difficulties for gold ETFs to maintain their $90 billion in assets under management.

The flagship cryptocurrency has also been seeing its price rise ahead of its upcoming halving event, which will reduce the coinbase reward miners receive per block found from 6.25 BTC to 3.125 BTC, further adding pressure to the available supply. Bitcoin is now trading at $57,000.

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