BlackRock And Fidelity Bitcoin ETFs Rocket Into Top Ten, Attracting $4.8 Billion Inflows In First Month

Updated: 05 February 2024

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The spot Bitcoin ETF (exchange-traded) products launched by BlackRock and Fidelity last month ranked among the top ten largest ETFs in the US in January with inflows of $4.8 billion.

The BlackRock iShares Bitcoin Trust (IBIT) ETF ranked eighth with around $2.6 billion in net inflows while Fidelity’s Wise Origin Bitcoin ETF (FBTC) ranked tenth with $2.2 billion in inflows.

Two spot bitcoin ETFs among top 10 of *all* ETF inflows in January…

Never thought I'd see the day.

via @MorningstarInc pic.twitter.com/o7L5CEu5Ef

— Nate Geraci (@NateGeraci) February 3, 2024

The data shows what a roaring success spot Bitcoin ETFs have been such their launch on Jan. 11, as BlackRock and Fidelity dominate over two-thirds of inflows. ETF Store President Nate Geraci says the Wall Street giants are contending in a “two-horse race.”

Conversely, Bitcoin ETFs offered by crypto-native companies such as ARK Invest and Galaxy Invesco lag in inflows. The ETFs have seen total flows of $683 million and $293 million in January, respectively, according to BitMEX data.

Bitcoin Spot ETF Flow data

Up to 2nd Feb 2024 pic.twitter.com/gN2GKLedxn

— BitMEX Research (@BitMEXResearch) February 3, 2024

Geraci is optimistic that these ETFs will attract more inflows soon and hit $1 billion.

Grayscale Bitcoin ETF Outflows Hit $5.7 Billion in January

Bitcoin ETF products are also ranking among the largest in terms of outflows. The Grayscale Bitcoin Trust had the second-highest outflows of around $5.7 billion in January. The ETF had the highest single-day outflow of $640 million on Jan. 22.

Grayscale has posted consistent outflows since its GBTC ETF started trading on January 11. However, the outflows are easing because with only $145 million exiting on February 2, its second lowest since the second day of trading.

Grayscale's $GBTC Bitcoin outflows are consistently decreasing.

Today this ETF saw an outflow of -$145M, the lowest figure since day 2 of launch.

The outflow of -$145M is already lower than Blackrock's $IBIT brought in yesterday (+$164M).

Most people who would have wanted… pic.twitter.com/zzSwebscAW

— Sinz 🗝️⚡ Bitguide (@Sinz_Bitguide) February 3, 2024

Bloomberg ETF analyst Eric Balchunas said that the ETFs have recovered from the January 22-25 outflow mayhem, indicating the products will continue amassing interest.