The newly launched spot Bitcoin exchange-traded funds (ETFs) have seen inflows totaling $1.4 billion in the first two trading sessions, according to Bloomberg ETF analyst Eric Balchunas. 

A total of 500,000 trades were made on the funds, amounting to a volume of $3.6 billion, according to data from Bloomberg. Trading volume considers the outflows and inflows from the funds. Balchunas suggested the numbers may be adjusted due to transactions awaiting accounting settlement.

The data reveals Grayscale’s ETF, the Grayscale Bitcoin Trust (GBTC), experienced an outflow of $579 million during the period. After deducting the outflows from GBTC, the net total inflows across the products stood at $819 million. The initial activity is in line with previous predictions from ETF analyst James Seyffart, who believes Bitcoin ETFs could attract around $10 billion in their first year.

GBTC outflows could be explained by holders converting shares after redemption was opened after the United States Securities and Exchange Commission (SEC) granted the ETF approval through a ruling change. SkyBridge Capital founder Anthony Scaramucci told Bloomberg that some GBTC holders are booking losses and switching to lower fee options.

GBTC is one of the largest holders of Bitcoin (BTC), managing over $27 billion worth of the cryptocurrency as per data from the blockchain analytics platform Arkham Intelligence. Shares of GBTC have been traded since 2013 but were not redeemable for Bitcoin until Jan. 11.

Topping the week’s performance was BlackRock’s iShares Bitcoin Trust with $497.7 million total flows, followed by Fidelity Advantage Bitcoin ETF amassing $422.3 million and Bitwise attracting $237.9 million.

After a 75% rally in the 90 days leading up to ETFs approval, Bitcoin price experienced a 6.8% decline between Jan. 11 and Jan. 12, confirming a sell-the-news-style event following the SEC green light, according to Cointelegraph’s market analysis. The cryptocurrency trades at $42,856 at the time of writing, a 0.77% decline over the past 24 hours.

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