Bitcoin Investment and Price Dynamics

What is the state of bitcoin exchange-traded products (ETP)? In the March 2025 update of his brief paper entitled “One Year of Bitcoin Spot ETPs: A Brief Market and Fund Flow Analysis”, Nico Oefele analyzes dynamics of the bitcoin spot ETP marketplace, focusing on assets under management (AUM), net fund flows and key drivers of fund flows. Using daily shares outstanding, closing prices, net asset values and turnovers for 11 bitcoin spot ETPs with AUMs over $0.5 billion during 1/11/24 through 1/10/25, he finds that:

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