On Fridays, Fidelity Investments’ Bitcoin ETF (FBTC) didn’t receive any new investments, ending its 63-consecutive-day run.
Fidelity Spot Bitcoin ETF Changes Direction
Eric Balchunas, a senior Bloomberg ETF analyst, highlighted a chart posted by Farside Investors, a London investment firm, showcasing the uninterrupted performance runs of various ETFs. Balchunas noted that FBTC’s streak was disrupted on day 63.
It might be unexpected for investors and market analysts, given the strong performance of the Bitcoin spot ETF, which has even surpassed BlackRock’s returns.
During the final week of March, Fidelity Investments acquired a substantial share of the heightened interest in Bitcoin spot ETFs that major banks were dealing with at the time.
In more straightforward terms, Fidelity’s FBTC brought in approximately $261 million in new investments. Conversely, BlackRock’s IBIT saw a comparatively smaller inflow of around $35 million.
According to Farside Investors’ figures, Bitcoin ETFs with a nine-spot structure experienced a collective inflow of around $417 million on March 26. Among these, Fidelity’s FBTC had the largest single-day influx, amounting to roughly $279 million.
For the second week in a row, Fidelity has surpassed BlackRock with greater daily investments.
BlackRock Leads, Grayscale Lags
Among the nine Bitcoin ETF options currently available, BlackRock’s IBIT and Fidelity’s FBTC have shown strength and have advanced to be included in the top 20 ETFs with the highest all-time assets under management. Meanwhile, Grayscale has experienced significant outflows.
Based on the latest information provided by Farside Investors, BlackRock was the only company that saw investments totaling $111.1 million. Moreover, according to Balchunas’ graph, BlackRock’s iShares MSCI USA IMI ETF (IBIT) has experienced inflows for 64 consecutive days. Balchunas suggests that IBIT might challenge USMV for the 14th position in terms of all-time inflows. It is important to note that USMV is an exchange-traded fund managed by BlackRock, which aims to mirror the performance of a US equity index.
Since the initial rollout of the Bitcoin Spot ETF, Grayscale has continued to experience substantial outflows – a disappointing pattern that persisted last Friday with a $166.2 million exodus.
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2024-04-15 20:31