The launch of the first spot Bitcoin exchange-traded funds (ETFs) in the U.S. last week was a landmark event for the cryptocurrency industry. However, the impact on Bitcoin's price has so far been underwhelming.

According to data, around 21,000 Bitcoins worth $894 million have flowed into the new ETFs from BlackRock, Fidelity, and others. The largest inflows are into BlackRock's iShares Bitcoin Trust (IBIT) which has added over 16,000 Bitcoin.

However, heavy selling pressure on Grayscale's Bitcoin Trust (GBTC), which has lost around 25,000 Bitcoin, has offset the ETF inflows. GBTC has faced redemptions as it converted to an ETF format and now faces stiff fee competition from the new spot ETFs.

The net result is Bitcoin's price remains rangebound around $42,000-$43,000 this week, slightly underperforming broader crypto markets. Some argue the ETF launch was a bust given the muted price reaction. Others note the huge trading volumes in the new ETFs.

While the impact on price has disappointed some Bitcoin bulls so far, the launch of ETFs is still seen as a milestone for mainstream adoption. More institutional investors now have access to familiar ETF vehicles. But inflows need to accelerate to jolt Bitcoin's price higher.