- BlackRock’s Bitcoin ETF is a top performer despite a delayed launch.
- Strong investor interest in regulated Bitcoin exposure options.
- Grayscale’s GBTC outflows continue to shrink, indicating a shift towards ETFs.
BlackRock’s iShares Bitcoin Trust launched mid-January, has entered the top 0.16% of all US ETFs in terms of inflows. It has secured a surprising position in the top 5 ETFs with the most inflows in 2024, despite launching just 17 days ago.
With over $3.19 billion in inflows, the Bitcoin ETF has outpaced competitors, ranking only below broad index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF.
Despite facing a seven-trading-day delay on Nasdaq while awaiting SEC approval, BlackRock’s Bitcoin ETF has demonstrated remarkable resilience. Bloomberg ETF analyst Eric Balchunas noted its remarkable performance, placing it in the top tier when compared to the 3,109 ETFs currently trading in the United States.
Fidelity’s Bitcoin Fund is also making waves, claiming the eighth position among U.S.-based ETF products with $2.51 billion in assets. Both BlackRock and Fidelity have steadily climbed the ranks, from eighth and tenth positions at the end of January.
BitMEX Research data highlights a widening gap between BlackRock and Fidelity’s Bitcoin ETFs and seven other spot Bitcoin ETFs (excluding Grayscale) in terms of inflows. ARK 21Shares and Bitwise secure the third and fourth positions among spot Bitcoin ETFs.
Notably, Grayscale’s converted spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), is experiencing low outflows. Recording its sixth successive day of shrinking outflows at $73 million on February 6, the figure represents an 88% decrease from its worst day on January 22.
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