Fidelity’s Bitcoin ETF Sets New Record with $473m Daily Inflows

In a groundbreaking development within the cryptocurrency investment sphere, Fidelity’s FBTC spot bitcoin exchange-traded fund (ETF) has achieved an unprecedented feat, witnessing a surge in daily inflows to a staggering $473.4 million.

[1/4] Bitcoin ETF Flow – 07 March 2024

All data in. Net total inflow of $472.6m. Another strong day, with Fidelity performing well, with +$473.4m of flow

Over $10 billion withdrawn from GBTC since 11th Jan 2024 pic.twitter.com/rpWyaqGxhL

— BitMEX Research (@BitMEXResearch) March 8, 2024

This milestone not only nearly doubles the inflow of BlackRock’s IBIT ETF, traditionally a frontrunner in the field, but also signifies a remarkable 17% increase from FBTC’s previous record earlier in the week.

The remarkable influx into FBTC overshadowed the collective net inflows of all U.S. spot bitcoin ETFs, amounting to $472.6 million. Nevertheless, FBTC’s record, while impressive, still falls short of IBIT’s highest daily inflow of $788 million.

Key players in the market, including Ark Invest 21Shares’ ARKB, Valkyrie’s BRRR, and Bitwise’s BITB, also observed significant inflows, contributing to the overall influx of nearly $9.4 billion since the inception of these ETFs on January 11.

Grayscale’s Bitcoin ETF Suffers Persistent Outflows

However, it’s not all inflow. Grayscale’s GBTC fund experienced outflows of $374.8 million, pushing its total outflows beyond the $10 billion mark since the inception of U.S. spot bitcoin ETFs.

These shifts have had a notable impact on assets under management (AUM), with FBTC’s AUM climbing to approximately $8.3 billion. Collectively, the U.S.-spot bitcoin ETFs now manage assets exceeding $54 billion. Excluding Grayscale’s converted fund, the nine new ETFs collectively hold assets nearing $27 billion, with IBIT leading the pack at nearly $13 billion.

As per insights from The Block, these nine new ETFs are on a trajectory to surpass GBTC’s holdings, marking a significant milestone in the cryptocurrency investment landscape.

Wild stat…

Total flows into 9 new spot bitcoin ETFs over past 2mos exceeds total flows into all physical gold ETFs over past *5yrs*.

Physical gold ETFs = nearly $100bil AUM

— Nate Geraci (@NateGeraci) March 7, 2024

Trading volumes remained robust, with the U.S. spot bitcoin ETFs recording transactions totaling $4.53 billion, marking the sixth-largest volume day to date. BlackRock’s IBIT led the volume surge with $1.6 billion, closely trailed by Grayscale’s GBTC and Fidelity’s FBTC.

 

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