👉👉👉 #Fidelity #BitcoinETF rakes in reported $208M, offsetting #grayscale outflows alone

Grayscale's Bitcoin fund experienced a fifth consecutive day of slowed outflows, while Fidelity's spot Bitcoin ETF saw robust inflows, surpassing Grayscale's outflows for the first time since its launch. On January 29, Fidelity's FBTC attracted $208 million in daily inflows, outpacing the $192 million outflow from Grayscale Bitcoin Trust (GBTC) on the same day, according to provisional data from Farside Investors and BitMEX Research.

The recent GBTC outflows marked a nearly 25% decrease from $255 million on January 26 and a substantial 70% drop from the fund's peak daily outflows of $641 million on January 22. This represents the second-lowest outflow day for Grayscale's fund, with only $95 million leaving on January 11, the day it transitioned to a spot Bitcoin exchange-traded fund (ETF).

Market observers are closely monitoring GBTC for signs of slowing outflows as investors seek to capitalize on their previously underwater positions. JPMorgan analysts suggested on January 25 that GBTC outflows have exerted downward pressure on Bitcoin prices but indicated that this trend should be mostly behind us.

New U.S. spot Bitcoin ETFs, introduced on January 27, recorded a combined volume of $994.1 million on January 29, nearly double the $570 million volume of GBTC. BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) dominated the new ETFs' combined volume, representing 78% with daily volumes of $460.9 million and $315.4 million, respectively

Global competition in the spot Bitcoin ETF market prompts fee reductions. Invesco and Galaxy Asset Management cut fees on Invesco Galaxy Bitcoin ETF (BTCO) from 0.39% to 0.25%, aligning with major players. BTCO has zero fees for the first six months or until $5 billion in assets. European ETF providers, including Invesco and WisdomTree, also reduced fees, signaling a global fee war in the growing Bitcoin ETF market.

Source - cointelegraph.com

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