- Investors pour $1.23 billion into Blackrock’s Bitcoin ETF in the last five days.
- Fidelity’s BTC fund saw inflows of $1.06 billion, nearly $200M less than BlackRock’s.
- Bitwise and ARK21Shares saw $393M and $319M flow into their funds, respectively.
In a recent post on social media platform X (formerly Twitter), Bitcoin Magazine highlighted how much investors had thrown into the recently launched spot Bitcoin exchange-traded funds (ETF) in the past five trading days.
According to the data reported, BlackRock’s iShares Bitcoin Trust (IBIT) garnered $1.23 billion as of the close of business yesterday. The Bitcoin fund continues to see the most attention from investors to lead other ETFs in capital inflows recorded this week.
Fidelity’s spot Bitcoin fund came in second with over $1.06 billion recorded in the five days tracked. Bitwise and ARK21Shares saw $393 million and $319 million flow into their funds, respectively. Invesco Galaxy also saw a $194 million capital infusion from investors in the tracked period.
So far, BlackRock’s IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) have been the most prominent Bitcoin ETFs since their approval last week by the US Securities and Exchange Commission (SEC). Reports noted that IBIT and FBTC have also been the preferred option for investors exiting the Grayscale Bitcoin trust fund.
Meanwhile, the uptick in ETF’s capital flow comes amidst a steep drop in Bitcoin’s value as investors wait on the sidelines to assess the success of the ETFs. At the time of press, the flagship cryptocurrency is trading at $41,515 apiece.
It bears mentioning that Bitcoin’s price post-ETF approval has largely ignored market sentiments. Expectations in the market were that the approval, which institutionalizes Bitcoin, would inspire a rise in the digital asset’s price. While Bitcoin’s price rose briefly following the approval, the token has largely remained in the bearish zone.
Elsewhere, Grayscale Investments CEO Michael Sonnenshein told CNBC that most of the approved Bitcoin ETFs won’t survive. The executive expects two to three of the spot Bitcoin ETFs to obtain a “critical mass” of assets under management but that the others may be pulled from the market.
Grayscale’s Bitcoin ETF is the largest in the world, with over $25 billion in assets under management. However, the firm’s large Bitcoin fund base appears to be coming under threat as its customers look to ETFs with cheaper fees to invest in.
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