Based on a chart given by Eric Balchunas, Bloomberg’s senior ETF expert, the BlackRock iShares Bitcoin ETF (IBIT) has experienced 64 straight days of investors adding funds to it.
Fidelity’s record of bringing in new investments came to a halt after 63 consecutive days on Friday, with no inflows recorded. IBIT, on the other hand, has managed to maintain its streak for 64 days and is aiming to surpass USMV for the 14th spot in the all-time list. However, given this week’s market volatility, it remains to be seen if IBIT can still attract new investments despite the uncertainties. We’ll have to wait and see…
— Eric Balchunas (@EricBalchunas) April 15, 2024
IBIT currently holds the 14th longest run of success among all exchange-traded funds (ETFs), having recently surpassed the MSCI USA Minimum Volatility (USD) Index in length. This widely-used low-volatility fund is designed to shield investors from market downturns.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) went without any new investments for a stretch of 63 consecutive days, which ultimately led to no inflows by the end of last week.
JPMorgan’s Equity Premium Income ETF (JEPI), providing access to large-cap US stocks, ranks third with an inflow period of 160 days. Vanguard Total International Bond ETF (BNDX), which invests in bonds denominated in currencies other than the US dollar, has attracted investments for 104 days, placing it second. The COWZ ETF by Pacer, which follows the equities of the 100 companies with the highest free cash flow yields in the US, also ranks third with an inflow duration of 103 days.
Currently, BlackRock is experiencing an uninterrupted growth in new investments, as evidenced by the $111.1 million they attracted last Friday.
Pouring cold water on Hong Kong ETFs
According to U.Today’s article, Hong Kong granted approval for several Bitcoin and Ethereum ETFs on Monday. While this news was met with enthusiasm by the cryptocurrency world, Balchunas cautioned against excessive optimism. He expressed skepticism about the potential impact of these products, predicting that they may only attract a modest amount of investment, possibly as low as $500 million.
In simpler terms, he identified the tiny size of the local ETF market, lack of well-known issuers, inadequate liquidity, and elevated fees as major factors preventing substantial investment in these funds.
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2024-04-15 19:18