Fidelity Bitcoin ETF Sees Strongest Daily Inflow Since Launch
The Fidelity Bitcoin ETF, Wise Origin Bitcoin Fund (FBTC), recorded its largest number of daily inflows on Monday, absorbing $404.6 million in funds used to buy more Bitcoin (BTC).
By comparison, the fund’s second-strongest day so far was on January 17, its fourth active day of trading, when it received $358 million of inflows. Most days aside from then haven’t netted more than $200 million for the fund, though its streak of non-stop inflows stayed unbroken since January 11.
According to BitMEX Research, Fidelity has now received $5.2 billion of flows and holds a total BTC stash worth $7.49 billion.
[1/4] Bitcoin ETF Flow – 04 March 2024
All data in. Very strong day with +$562m net flow. Fidelity very strong with a record day
Not the best day for diversity, with smaller players BTCO, HODL & BTCW all having outflows pic.twitter.com/drCrg6EzsN
— BitMEX Research (@BitMEXResearch) March 5, 2024
Fidelity’s success still wasn’t enough to trump BlackRock’s iShares Bitcoin Trust (IBIT), however, which netted $420.1 million on Monday. In total, flows into the two funds vastly outperformed sell pressure from the Grayscale Bitcoin Trust (GBTC) worth $368 million, contributing to daily net flows worth $562.7 million.
Since its launch on January 11, Bitcoin ETFs surpassed an AUM of $50 billion on Tuesday, having started with just under $30 billion with Grayscale’s stash included. New flows into the funds have brought in a net new $7.9 billion, with the rest of their gains coming from Bitcoin’s price appreciation.
Altogether, the new nine Bitcoin ETFs–excluding Grayscale–have received over $17 billion of net flows. For context, the world’s first gold ETF took two years to absorb $10 billion of inflows.
Gold’s price tapped a new all-time
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