As a seasoned crypto investor with a keen interest in Bitcoin and its related investment vehicles, I’m thrilled to see the surge in inflows towards spot Bitcoin ETFs, particularly Fidelity’s FBTC. The recent price rally of Bitcoin above $71,000 has fueled renewed interest from institutional investors, with Fidelity taking the lead in terms of daily inflows.
In the US, Bitcoin exchange-traded funds (ETFs) have seen substantial investment in recent days as Bitcoin’s price surged above $71,000. On Wednesday alone, approximately $500 million flowed into these Bitcoin ETFs, with Fidelity’s Bitcoin ETF (FBTC) leading the charge.
Fidelity Bitcoin ETF FBTC On the Rise
As a crypto investor, I’ve noticed that BlackRock has been the frontrunner in terms of inflows for spot Bitcoin ETFs up until now. However, things have shifted recently with Fidelity’s FBTC taking the reins. On June 5, there were $220 million in inflows into FBTC, bringing its two-day inflows to almost $600 million. As a result, the total assets under management for FBTC have now surpassed $9.5 billion.
Fidelity faces BlackRock as a leading rival in terms of managing assets for their respective Bitcoin ETFs at present. However, despite recent growth, Fidelity’s FBTC trust currently holds less than half the assets compared to BlackRock’s iShares Bitcoin Trust (IBIT).
On June 5th, there was a significant influx of $488 million into Bitcoin spot ETFs, making it the seventeenth straight day with positive investment. The previous day saw an impressive intake of $887 million.
On Wednesday, Grayscale’s GBTC ETF reported a substantial inflow of $14.58 million, while Fidelity’s FBTC ETF brought in an impressive $221 million, and BlackRock’s IBIT ETF attracted $155 million. The combined net inflow for Bitcoin spot ETFs now totals an astonishing $15.338 billion. To put this into perspective, the amount of Bitcoin purchased by these ETFs on a single day was approximately 27 times the daily production of new Bitcoins through mining.
NEW: Spot #Bitcoin ETFs bought 12,508 #BTC yesterday, while miners only produced 450 BTC.
— Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
Institutional Deman to Rise
The CEO of Franklin Templeton, Jenny Johnson, spoke about the increasing popularity of Bitcoin ETFs. She noted, “This is just the beginning. We’re currently seeing the early adopters. But the real game-changer will be when larger institutions jump in.” Johnson stressed that the current enthusiasm for Bitcoin ETFs doesn’t fully capture the potential influx of institutional investors.
Additionally, the Franlink Bitcoin ETF manages over $420 million in assets under management (AUM), making it relatively smaller in comparison to other major players within the industry.
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2024-06-06 08:01