BlackRock and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) have accounted for a significant share of the issuers’ total ETF inflows this year.
The Bitcoin ETFs amount to 26% and 56% in year-to-date inflows for BlackRock and Fidelity respectively, according to Bloomberg ETF analyst Eric Balchunas, citing data from Bloomberg Intelligence.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) have seen $16.6 billion and $8.9 billion in inflows since they launched nearly five months ago, according to Farside Investor data.
However, Vanguard, which does not offer any Bitcoin ETFs, is far in the lead with $102.8 billion in total ETF inflows so far in 2024, beating out BlackRock at $65.1 billion.
BlackRock currently lists 429 ETFs that hold a total of $2.8 trillion in assets under management, according to data from Stock Analysis. Fidelity, on the other hand, only lists 70 ETFs, combining for $74 billion in AUM.
Meanwhile, Invesco has recorded $34.7 billion in ETF flows this year, though only 0.9% of the total has come from its Bitcoin ETF, which has total inflows of $317.3 million for the first five months of the year.
BlackRock’s IBIT recently surpassed the Grayscale Bitcoin Trust (GBTC) as the world’s largest spot Bitcoin ETF on May 28. IBIT now holds 291,567 BTC, worth a little over $20 billion at current prices, according to the Apollo Bitcoin Tracker.
Grayscale initially held 620,000 Bitcoin when the GBTC converted into spot form. However, it has seen mass outflows since then and now only holds 285,139 BTC, worth around $19.6 billion at current prices.
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Bitcoin ETF flows have somewhat leveled out lately, with many ETF issuers recording days of zero inflows and outflows in recent weeks.
For example, the Franklin Bitcoin ETF (EZBC) hasn’t had any inflow or outflow since May 16, according to Farside Investors.
The Bitcoin investment products ex Grayscale are currently seeing an average of $141.7 million in inflows each trading day, made up mostly of IBIT, FBTC and to a lesser extent, the ARK 21Shares Bitcoin ETF (ARKB).
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