Fidelity’s FBTC Bitcoin ETF Records $473.4 Million Inflows, Surpassing BlackRock’s IBIT
Fidelity’s FBTC spot bitcoin exchange-traded fund (ETF) saw a record daily inflow of $473.4 million on Thursday, nearly double the amount brought in by BlackRock’s IBIT ETF, which is usually dominant in the market. This inflow for FBTC was 17% higher than its previous record of $404.6 million set on Monday, and it surpassed the total net inflows of all U.S. spot bitcoin ETFs combined on Thursday, which amounted to $472.6 million.
However, it’s important to note that FBTC’s inflow still fell short of IBIT’s overall daily inflow record of $788 million set on Tuesday.
Other Bitcoin ETF Inflows
- Arl Invest 21Shares’ ARKB secured third place with $42.1 million worth of inflows.
- Valkyrie’s BRRR and Bitwise’s BITB followed closely with $41.8 million and $41.4 million worth of inflows, respectively.
Overall, the total net inflows since these ETFs launched on January 11 now stand at nearly $9.4 billion.
Outflows from Grayscale’s GBTC Fund
On the other hand, Grayscale’s higher fee converted GBTC fund experienced outflows worth $374.8 million on Thursday. This means that the total outflows since the U.S. spot bitcoin ETFs began trading have now surpassed $10 billion.
Total Assets Under Management (AUM)
The significant influx of funds has contributed to FBTC reaching around $8.3 billion in assets under management. In addition, the combined AUM of all U.S. spot bitcoin ETFs now exceeds $54 billion. The nine newborn ETFs, excluding Grayscale’s converted fund, manage nearly $27 billion in assets, with IBIT leading the pack with almost $13 billion AUM.
As a result, these nine ETFs are expected to surpass GBTC’s holdings today.
Spot Bitcoin ETF Trading Volume Remains Strong
The trading volume for U.S. spot bitcoin ETFs remained robust on Thursday, reaching $4.53 billion. This marked the sixth-largest volume day so far.
Volume Breakdown
- BlackRock’s IBIT led the way with $1.6 billion in trading volume.
- Grayscale’s GBTC and Fidelity’s FBTC generated $1.3 billion and $1.1 billion, respectively.
The cumulative trading volume for all spot bitcoin ETFs is now approaching $100 billion and is expected to reach this milestone later today.
Bitcoin Price Update
Bitcoin (BTC) is currently trading at $67,252, reflecting a 1% increase over the past 24 hours. The cryptocurrency has experienced a 10% gain in the past week and more than a 50% increase over the past month.
GM 30 Index Performance
The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has risen by 3% to 149.58 over the last 24 hours.
🔥 Hot Take: Crypto Investors Show Strong Confidence in Bitcoin ETFs 🔥
Crypto investors continue to demonstrate their confidence in bitcoin ETFs, as evidenced by the record-breaking inflows seen in Fidelity’s FBTC ETF. With daily inflows of $473.4 million, FBTC surpassed its competitors and even outperformed BlackRock’s usually dominant IBIT ETF.
The strong trading volume and cumulative volume of spot bitcoin ETFs further highlight the growing interest and adoption of these investment products. As total assets under management (AUM) continue to rise, the newborn ETFs are on track to surpass Grayscale’s GBTC fund.
Overall, this surge in interest and investment in bitcoin ETFs reflects the increasing acceptance and recognition of cryptocurrencies as a viable investment asset class.
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