Fidelity Bitcoin ETF Exceeds Grayscale Bitcoin Trust in Daily Inflows
Fidelity’s spot Bitcoin exchange-traded fund (ETF), known as FBTC, has experienced a significant surge in daily inflows, surpassing the outflows of the Grayscale Bitcoin Trust (GBTC) for the first time since its launch. On January 29, FBTC brought in $208 million in daily inflows, while GBTC recorded daily outflows of $192 million, marking its lowest since its re-launch. This data indicates a potential stabilization in investor sentiment, with traders closely monitoring GBTC outflows for any signs of slowing down. Furthermore, the competition among spot Bitcoin ETFs is intensifying, leading issuers to reduce fees and attract a wider range of investors both in the U.S. and overseas.
Hot Take: Fidelity’s FBTC Surges Ahead, Signaling a Shift in the Market
Fidelity’s spot Bitcoin ETF, FBTC, has surpassed the Grayscale Bitcoin Trust (GBTC) by bringing in significant daily inflows, indicating a potential shift in the market. This surge in FBTC inflows, combined with the lowest recorded outflows for GBTC, suggests a stabilization in investor sentiment. The competition among spot Bitcoin ETFs is intensifying, leading to a fee war among issuers. As more investors seek exposure to Bitcoin through ETFs, the landscape of the cryptocurrency market continues to evolve rapidly. It will be interesting to see how these developments shape the future of Bitcoin-related investment products.
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