The nine spot Bitcoin ETFs reached a significant milestone of $10 billion in assets under management on Feb. 9.

The recently launched spot Bitcoin exchange-traded funds (ETFs) completed their first 20 trading sessions hitting the $10 billion milestone in assets under management (AUM).

According to data from BitMEX Research, net flows for the nine ETFs reached $2.7 billion on Jan. 9, led by BlackRock’s IBIT fund, which currently holds Bitcoin worth $4 billion. The second position is claimed by Fidelity’s FBTC, with over $3.4 billion in BTC under management.

ARK 21Shares’ fund also reached the billion-dollar milestone, holding about $1 billion worth of Bitcoin in its portfolio. Meanwhile, Grayscale’s GBTC outflows amounted to $6.3 billion over the past 30 days. The fund recorded $51.8 million in outflows on Feb. 9, its smallest daily volume of capital withdrawals since conversion.

“I thought the Nine would get a bit weaker as GBTC outflows subsided but they’re getting stronger,” noted Bloomberg analyst Eric Balchunas on X (formerly Twitter).

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Over the next few months, Bitcoin ETF flows are expected to increase as trading firms complete their due diligence on the investment vehicles.

Bitcoin’s price consolidated above technical support in January, “including its 200-day moving average ($29,902) and on-chain mean ($33,487)”, according to a recent analysis from ARK Invest. Over the month, the cryptocurrency price rose 0.6% to $42,585.

ARK Invest’s bullish view is that Bitcoin is replacing gold as a risk-off asset. “Bitcoin’s price relative to that of gold has increased twenty-fold in the last 7 years. In January 2024, Bitcoin could buy ~20 troy oz of gold, compared to 1 troy oz in April 2017,” notes the analysis. “We believe this trend should continue as Bitcoin increases its role in financial markets.”

Considering the macroeconomic environment, the asset manager predicts that “as inflation cools and real rates rise, Bitcoin should remain antifragile as banks continue to lose deposits.”

The U.S. Securities and Exchange Commission (SEC) approved Bitcoin ETF applications from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, and Grayscale on Jan. 10, more than a decade after Cameron and Tyler Winklevoss applied to launch the Winklevoss Bitcoin Trust in 2013.