According to a February 14 report from on-chain data analytics firm CryptoQuant, more than three-quarters of new Bitcoin investments over the past two weeks came from Bitcoin spot ETFs, excluding Grayscale GBTC. The report stated: “We estimate that more than 75% of new investments in Bitcoin come from these ETFs. In addition, investment from these ETFs has increased to 2% of the total historical investment in Bitcoin in just one month, as measured by realized market capitalization. %."