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New U.S. bitcoin ETFs have amassed $7.7 billion in funds since debut, offsetting the $6 billion outflows from incumbents, according to CoinShares data.

BlackRock’s IBIT accounted for most of the inflows at $1.1 billion, with zero net outflows from any product.

Inflows significantly accelerated last week, indicating increasing demand for new spot-based ETFs, CoinShares' head of research James Butterfill said.

They make the asset class "less of a scary concept" to mainstream audiences, bitcoin advocate Jameson Lopp said.

The exchange-traded funds will allow better access to bitcoin through regulated entities and draw institutional investors, but the crypto is still a very small asset class, CoinDesk was told.

The holdings of the U.S. spot bitcoin exchange-traded funds are about to cross over one million tokens after only ten months of trading.

Hopes are high they will lure more investors into crypto.

Hopes are high they will lure more investors into crypto.

Bitcoin's price has now corrected approximately 6% since the all-time high break on Nov. 13.

Excitement was high about one month ago, when TradFi once again got the regulatory go-ahead to launch an entirely new investment vehicle for crypto. The process of bringing to the U.S. market a spot bitcoin ETF took more than a decade, but on Jan. 11