Bitcoin

Grayscale Bitcoin Trust

BlackRock

BlackRock and Fidelity’s spot Bitcoin&nbsp;exchange-traded funds (ETFs) have ranked among ETFs with the largest January flows, totaling around $4.8 billion.
BlackRock’s iShares Bitcoin Trust (IBIT) had an estimated $2.6 billion in net flows, reaching eighth place, while the Fidelity Wise Origin Bitcoin ETF (FBTC) landed 10th place with $2.2 billion in net flows, <a href="https://www.morningstar.com/etfs/etf-flows-investors-curb-their-enthusiasm-january" target="_blank" rel="noopener nofollow">according</a> to a Feb. 3 report from Morningstar research analyst Lan Anh Tran using data approximated from the issuer’s websites.&nbsp;
The United States is home to over&nbsp;3,100 ETFs as of Dec. 31, 2023, <a href="https://ycharts.com/indicators/us_number_of_etfs" target="_blank" rel="noopener nofollow">according</a> to data from YCharts.
The data also showed the Grayscale Bitcoin Trust (GBTC) had the second highest outflows among ETFs in January, with $5.7 billion estimated to have net exited the fund over the month.
“Never thought I’d see the day,” the president of investment advisory firm ETF Store, Nate Geraci, wrote in an X post sharing the data.
<blockquote class="twitter-tweet">
 Two spot bitcoin ETFs among top 10 of *all* ETF inflows in January... Never thought I'd see the day. via <a href="https://twitter.com/MorningstarInc?ref_src=twsrc%5Etfw">@MorningstarInc</a> <a href="https://t.co/o7L5CEu5Ef">pic.twitter.com/o7L5CEu5Ef</a>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1753583272259428783?ref_src=twsrc%5Etfw">February 3, 2024</a>
</blockquote> 
In a separate X <a href="https://twitter.com/NateGeraci/status/1754320485049913798" target="_blank" rel="noopener nofollow">post</a>, Geraci said BlackRock and Fidelity’s funds are in a “clear two-horse race” among the nine new Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;funds. 
He added the joint ETF from ARK Invest and 21 Shares, along with Bitwise’s — both with assets under management shy of $650 million — were developing as a “strong middle class” and predicted they would hit $1 billion in assets in the “not too distant future.”
Morningstar’s report comes amid U.S. spot Bitcoin ETFs notching six straight days of net positive inflows totaling nearly $715 million,&nbsp;<a href="https://cointelegraph.com/news/blackrock-and-proshares-bitcoin-etfs-overtake-gbtc-s-daily-trading-volume">most of which was carried</a> by BlackRock and Fidelity’s funds, according to data posted to X on Feb. 3 by BitMEX Research.
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-hype-stalled-due-diligence-bloomberg">Bitcoin ETFs hype stalled by due diligence — Bloomberg</a>
The trading days from Jan. 26 to Feb. 2 saw flows into the nine new spot Bitcoin funds surpass the lingering outflows from GBTC during the week, with the ETF seeing its second-lowest outflow day on Feb. 2 at $144.6 million.
<blockquote class="twitter-tweet">
 Bitcoin Spot ETF Flow data Up to 2nd Feb 2024 <a href="https://t.co/gN2GKLedxn">pic.twitter.com/gN2GKLedxn</a>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1753714765136834929?ref_src=twsrc%5Etfw">February 3, 2024</a>
</blockquote> 
The six-day run of inflows came after a four-day spree of outflows between Jan. 22 and 25 when GBTC outflows peaked, and $431.8 million net exited the 10 ETFs in total.
Bloomberg senior ETF analyst Eric Balchunas wrote in a Feb. 3 X <a href="https://twitter.com/EricBalchunas/status/1753769255516942473" target="_blank" rel="noopener nofollow">post</a> that it was “really something to see” the nine ETFs bar the GBTC “comeback from that dip last week.”
“Typically there’s [a] slow decline after [a] big hyped launch,” and the net inflows to the funds on their third week of trading “shows these ETFs have legs,” he added.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/expect-records-broken-by-spot-bitcoin-etf-brett-harrison-ex-ftx-us-x-hall-of-flame/">Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US)</a>

BlackRock and Fidelity Bitcoin ETFs reach top 10 in January flows

Cointelegraph

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