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Fidelity becomes second spot bitcoin ETF issuer to hit $1 billion of inflows

by James Hunt

FUNDS • JANUARY 19, 2024, 6:38AM EST

Published 1 MINUTE EARLIER on

The Block Illustration by Zoe Ellyse Del Rosario for The Block

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Fidelity’s FBTC spot bitcoin ETF joined BlackRock’s IBIT in becoming the second fund to hit more than $1 billion worth of inflows after five days of trading, according to data from BitMEX Research.

Flows for most of the ETFs were either flat or positive yesterday, but $579.6 million worth of outflows from Grayscale’s GBTC eclipsed total inflows from the other funds.

Total net flows from the first five days of trading for the new U.S. spot bitcoin ETFs now stand at nearly $1.2 billion, with Fidelity joining BlackRock in the $1 billion-plus inflows club yesterday, according to data from BitMEX Research.

Bitwise is currently in third place with $395.5 million worth of inflows, while Ark Invest/21Shares and Invesco have seen a total of $320.9 million and $194.9 million, respectively. Overall, 10 of the 11 ETFs have seen inflows totaling almost $3.4 billion so far, with Grayscale notching up $2.2 billion in outflows. The remaining funds have all witnessed less than $100 million worth of total inflows.

Total product flow. Image: BitMEX Research.

Spot bitcoin ETFs see biggest day of net outflows since launch

Overall, the spot bitcoin ETFs witnessed net outflows of $131.6 million yesterday — the largest so far — with GBTC significantly eclipsing inflows from the other funds.

Despite 10 of the 11 ETF products generating a total of $447.9 million worth of inflows, it was not enough to overcome $579.6 million in outflows from Grayscale’s converted fund, according to BitMEX Research.