These new investors have caused the ETFs to engage in consistent and growing buying activity since January. BlackRock's ETF (IBIT) has seen over $10 billion in net inflows since launching. This means that BlackRock has bought over $10 billion worth of Bitcoin in the last two months, partially contributing to the meteoric rise in price. All of the funds have seen positive net inflows since launch except the Grayscale Bitcoin Trust (GBTC), which was converted from a futures-linked ETF into a spot ETF.