🔥🔥🔥 #BlackRock & Fidelity #BitcoinETFs reach top 10 in January flows
BlackRock's iShares Bitcoin Trust (#IBIT ) & Fidelity's Wise Origin Bitcoin ETF (FBTC) secured the eighth & tenth positions, respectively, among all ETFs in terms of largest flows in January, accumulating approximately $4.8 billion in total. IBIT witnessed estimated net flows of $2.6 billion, while FBTC achieved $2.2 billion in net flows. According to Morningstar research analyst Lan Anh Tran, who utilized data approximated from the issuers' websites, these funds exhibited strong performance in a highly competitive ETF landscape that boasts over 3,100 funds in the United States as of December 31, 2023.
Contrastingly, the Grayscale Bitcoin Trust (GBTC) experienced the second-highest outflows among ETFs in January, with an estimated $5.7 billion exiting the fund during the month.
Nate Geraci, the president of investment advisory firm ETF Store, expressed surprise at the significant success of BlackRock & Fidelity's Bitcoin ETFs, highlighting them as a "clear two-horse race" among the nine new Bitcoin funds. Geraci also noted the emergence of a "strong middle class" represented by the joint ETF from ARK Invest & 21 Shares, as well as Bitwise's ETF, predicting that these funds would reach $1 billion in assets in the near future.
#BitMEX Research data revealed that U.S. spot Bitcoin ETFs experienced six consecutive days of net positive inflows totaling nearly $715 million. BlackRock & Fidelity's funds contributed significantly to this trend. The inflow trend followed a four-day period of outflows between January 22 & 25, during which GBTC experienced significant net exits.
Bloomberg senior ETF analyst Eric Balchunas remarked on the remarkable performance of the nine ETFs, excluding GBTC, showcasing resilience & sustainability in their third week of trading. He noted that the net inflows during this period contradicted the typical slow decline observed after a high-profile launch, emphasizing the enduring appeal of these ETFs in the market.
Source - cointelegraph.com
