Investors have plowed billions of dollars into spot bitcoin ETFs since they launched last month — and so far, it’s paying off.

Altogether, the suite of new bitcoin-backed funds (not counting Grayscale Bitcoin Trust) have attracted $11.4 billion in capital inflows in the past five weeks.

Their respective issuers, a set of 10 led by BlackRock, Fidelity, Ark, 21Shares and Bitwise, have then used that cash to buy bitcoin on behalf of ETF shareholders.

They do so through crypto exchanges, mostly Coinbase and Coinbase Pro, but they also utilize prop trading firms such as the Dutch-founded Flow Traders.

Spot ETFs had accumulated 258,770 BTC as of Friday morning, per data shared by BitMEX… Read more on Blockworks