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

• Within the first year, assets under management increased from $20 billion to over $100 billion. • The average weekly net fund flow of 1.4 % indicates strong investor demand. • On average, a 3.4 % change in Bitcoin's price corresponds to a 0.2 % net fund flow, all else equal. 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.