Fidelity’s Wise Origin Bitcoin Fund Surpasses $1 Billion Inflows
Fidelity’s Wise Origin Bitcoin Fund has become the second spot Bitcoin ETF to attract over $1 billion in inflows, achieving this milestone in just five days of trading. The fund’s total inflows reached over $1 billion on the fifth day, positioning it closely behind BlackRock’s iShares Bitcoin Trust (IBIT), which hit the $1 billion assets under management mark on January 17. Fidelity’s achievement highlights the growing investor interest in Bitcoin and related products.
Competition Among Spot Bitcoin ETFs
Fidelity’s success places it ahead of Bitwise’s BITB fund, which reported $395 million in inflows. Other spot Bitcoin ETFs that have shown notable performance since trading began include ARK 21Shares’ ARKB and Invesco’s BTCO, with inflows of $320 million and $194 million, respectively. The market for spot Bitcoin ETFs is highly competitive.
Market Volatility
Despite the impressive start for these funds, the overall market experienced a significant outflow of $131 million on the fifth day of trading. This was the largest outflow observed since the launch of these ETFs. Grayscale also recorded substantial outflows of $2.2 billion, highlighting the volatile nature of the cryptocurrency market.
Hot Take: Growing Interest in Bitcoin ETFs
The rapid influx of funds into Fidelity’s Wise Origin Bitcoin Fund demonstrates the increasing interest among investors in Bitcoin ETFs. The ability to attract over $1 billion in just five days indicates a strong demand for investment products tied to cryptocurrencies like Bitcoin. However, the market volatility and significant outflows also serve as a reminder of the risks associated with these assets. It will be interesting to see how the competition among spot Bitcoin ETFs evolves and whether they continue to attract substantial inflows in the coming months.
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