BlackRock And Fidelity Bitcoin ETFs Rocket Into Top Ten, Attracting $4.8 Billion Inflows In First Month

The spot Bitcoin ETF (exchange-traded) products launched by BlackRock and Fidelity last month ranked among the top ten largest ETFs in the US in January with inflows of $4.8 billion.

The BlackRock iShares Bitcoin Trust (IBIT) ETF ranked eighth with around $2.6 billion in net inflows while Fidelity’s Wise Origin Bitcoin ETF (FBTC) ranked tenth with $2.2 billion in inflows.

The data shows what a roaring success spot Bitcoin ETFs have been such their launch on Jan. 11, as BlackRock and Fidelity dominate over two-thirds of inflows. ETF Store President Nate Geraci says the Wall Street giants are contending in a “two-horse race.”

Conversely, Bitcoin ETFs offered by crypto-native companies such as ARK Invest and Galaxy Invesco lag in inflows. The ETFs have seen total flows of $683 million and $293 million in January, respectively, according to BitMEX data.

Geraci is optimistic that these ETFs will attract more inflows soon and hit $1 billion.

Grayscale Bitcoin ETF Outflows Hit $5.7 Billion in January

Bitcoin ETF products are also ranking among the largest in terms of outflows. The Grayscale Bitcoin Trust had the second-highest outflows of around $5.7 billion in January. The ETF had the highest single-day outflow of $640 million on Jan. 22.

Grayscale has posted consistent outflows since its GBTC ETF started trading on January 11. However, the outflows are easing because with only $145 million exiting on February 2, its second lowest since the second day of trading.

Bloomberg ETF analyst Eric Balchunas said that the ETFs have recovered from the January 22-25 outflow mayhem, indicating the products will continue amassing interest.

Also Read:

  • Bitcoin On-Chain Volume Surged In January, Reaching Highest Level Since September 2022
  • Bitcoin Price Prediction: Top Trader Sees BTC Hitting $30K On Halving Before Soaring To New ATH In 4Q As Experts Say This Cloud Mining Presale Might 10X
  • El Salvador’s Bitcoin-Friendly President Nayib Bukele Heads For Re-Election

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