Four Bitcoin exchange-traded funds (ETFs) have secured positions among the largest 30 asset funds within their first 50 days on the market, with BlackRock’s IBIT and Fidelity’s FBTC “in a league of their own,” as per insights from Bloomberg senior ETF analyst Eric Balchunas.
U.S. spot Bitcoin ETFs are seeing a resurgence in capital inflows, marking a reversal from a series of consecutive net outflows over the past week.
Four Bitcoin ETFs See Substantial Inflows
In a recent post on X, Balchunas pointed out that BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB managed to climb among the top 30 ETF assets globally within their first 50 days of trading.
The data indicates that even Bitwise’s BITB is presently ranked 18th in assets under management, exceeding the world’s largest SPDR Gold Shares (GLD) fund.
Here’s a look at Top 30 ranked by assets in first 50 days on market. Went global for this so this is out of 11,338 funds. Four BTC ETFs made the list. $IBIT and $FBTC in league of their own. $BITB > $GLD! pic.twitter.com/V5ENc3boNv
— Eric Balchunas (@EricBalchunas) March 26, 2024
On March 26, Fidelity’s fund witnessed its largest daily inflow since March 13, worth $279.1 million, adding 4,000 BTC to its holdings. This marked the firm’s second consecutive day of inflows exceeding $260 million.
Meanwhile, BlackRock’s fund saw inflows of $162.2 million, which is lower than earlier in the month when daily inflows averaged over $300 million.
The Ark 21Shares Bitcoin ETF fund had its best day since March 12, with inflows totaling $73.6 million, while Bitwise’s BITB saw inflows amounting to $16.7 million.
Other funds, such as Invesco Galaxy, Franklin Templeton, and Valkyrie, also observed significant inflows exceeding $26 million each.
Grayscale Outflows Continue
Data from Farside Investors indicates that the ten approved spot Bitcoin ETFs collectively had a substantial net inflow of $418 million on March 26.
In contrast, Grayscale’s Bitcoin Trust (GBTC) remained in a state of negative flows, with daily outflows reaching $212 million. However, the net inflows from its competitors surpassed GBTC’s outflows.
Since transitioning to an ETF on January 11, Grayscale has seen significant outflows totaling 277,393 BTC, approximately $19.5 billion at current market prices.
On the other hand, Bitcoin has remained steady around the $70,000 mark amid news that the London Stock Exchange intends to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. The decision follows the exchange’s earlier announcement regarding accepting applications for crypto ETNs in the year’s second quarter.
In a recent report, crypto asset trading firm QCP Capital noted that asset managers increasingly allocate to Bitcoin for portfolio diversification. In addition, there has been a surge in requests for structured products like Accumulators and FCNs, indicating an increased appetite for diversifying investment portfolios with Bitcoin.
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