Inflow of funds into Fidelity’s spot BTC ETF is the second after BlackRock to cross the $1 billion mark

The daily trading volume of FBTC fund shares amounted to $367 million

19.01.2024 - 14:05

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What’s new? The spot bitcoin exchange-traded fund (ETF) from the investment company Fidelity under the ticker FBTC, following the product of the firm BlackRock (IBIT), recorded an inflow of over $1 billion five days after the start of trading. According to BitMEX’s crypto exchange analytics division, the total inflow for the 11 funds traded in the US approached $1,2 billion during this period.

The Block’s data

What else is known? On January 18, FBTC and IBIT were the leaders in terms of inflows with $177,9 million and $145,6 million, respectively. At the same time, the total daily result of all funds was negative. This was mainly due to the continued withdrawal of funds by investors from GBTC from Grayscale, which previously operated as a trust, and its shares were traded at a discount to the underlying asset.

Thus, for the last day in GBTC the outflow of $579,6 million was fixed, while the inflow on the remaining ten funds amounted to $447,9 million.

Analysts at JPMorgan allow the possibility for increased selling pressure on the bitcoin exchange rate in the coming weeks since GBTC investors continue to fix profits. About $1,5 billion has already been withdrawn from the fund, and JPMorgan believes the figure will double.

Bitcoin has surpassed silver to become the second-largest commodity ETF in the US

BTC ETFs have $27,5 billion in total assets under management

At the same time GBTC, along with FBTC and IBIT keep leading positions in terms of trading volumes and assets under management (AUM). According to Yahoo Finance, over the past day, their total trading volume approached $2,1 billion, of which Grayscale accounts for $1,1 billion, and BlackRock and Fidelity — $416 million and $367 million, respectively. And since the admission of spot BTC ETFs to the US market, the figure for the three funds has almost reached $14 billion.

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