BlackRock and Fidelity Bitcoin ETF Enters Top 10, Attracting $4.8 Billion in Inflows in First Month

adminFebruary 6, 2024

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The spot Bitcoin ETF (exchange-traded) product launched last month by BlackRock and Fidelity was among the top 10 largest U.S. ETFs in January, with inflows of $4.8 billion.

The BlackRock iShares Bitcoin Trust (IBIT) ETF ranked 8th with net inflows of approximately $2.6 billion, while Fidelity’s Wise Origin Bitcoin ETF (FBTC) ranked 10th with inflows of $2.2 billion.

Among the top 10 *all* ETF inflows in January, there were 2 spot Bitcoin ETFs…
I never thought I would see that day.
through @MorningstarInc pic.twitter.com/o7L5CEu5Ef
— Nate Geraci (@NateGeraci) February 3, 2024

The data shows just how successful the Bitcoin ETF has been since it launched on January 11, with BlackRock and Fidelity controlling more than two-thirds of inflows. ETF Store President Nate Geraci Called Wall Street’s giants are engaged in a “two-horse race.”

Conversely, Bitcoin ETFs provided by cryptocurrency companies such as ARK Invest and Galaxy Invesco experience delayed inflows. The ETF’s total January flows were $683 million and $293 million, respectively, according to BitMEX data.

Bitcoin Spot ETF Flow Data
Until February 2, 2024 pic.twitter.com/gN2GKLedxn
— BitMEX Research (@BitMEXResearch) February 3, 2024

Geraci is optimistic that these ETFs will soon receive more inflows and reach $1 billion.

Grayscale Bitcoin ETF outflows hit $5.7 billion in January.

Bitcoin ETF products also rank highest in terms of outflows. Grayscale Bitcoin Trust recorded the second-highest outflow in January, at approximately $5.7 billion. The ETF recorded its highest daily outflow of $640 million on January 22nd.

Grayscale has experienced consistent outflows since the GBTC ETF began trading on January 11. However, outflows are easing, with only $145 million going out on February 2. This is the second lowest reading since the second day of trading.

grayscale $GBTC Bitcoin outflow continues to decline.
Today the ETF recorded outflows of -$145M, the lowest figure since its launch two days ago.
-$145M of outflow is already lower than Blackrock. $GO It was imported yesterday (+$164M).
Most people who would have wanted to… pic.twitter.com/zzSwebscAW
— Sinz 🗝️⚡ Bit Guide (@Sinz_Bitguide) February 3, 2024

Bloomberg ETF analyst Eric Balchunas said The fact that ETFs have recovered from the outflow debacle of January 22-25 indicates that interest in the products will continue to build.