As a seasoned crypto investor with years of experience in the market, I have witnessed numerous trends come and go. However, the recent inflows into Bitcoin ETFs, particularly Fidelity’s FBTC outpacing BlackRock’s IBIT, have piqued my interest.
On July 19, Friday, Bitcoin spot ETFs experienced significant inflows once more, reaching approximately $400 million for the second time in a week. BlackRock’s IBIT led the way with major investments over the past ten days. However, Fidelity’s FBTC took center stage on this particular day, surpassing all other contributors to these inflows.
Fidelity Overtakes BlackRock
On Friday, there was a remarkable inflow of $141 million into Fidelity’s Bitcoin ETF (FBTC). Meanwhile, BlackRock’s iShares Bitcoin ETF (IBIT) recorded an influx of $116 million the previous day. Over the past 10 days, IBIT has experienced continuous inflows totaling over $1.3 billion.
Fidelity’s FBTC is close to reaching a significant achievement, with net assets under its management surpassing the $10 billion mark. Currently, the total net assets for FBTC amount to $9.962 billion as of the most recent market closing.
Nearly all other Bitcoin ETFs reported positive flows, with approximately $20 million added to Grayscale’s GBTC on the previous day.
Additionally, the substantial trading activity in Bitcoin spot ETFs from firms like BlackRock and Fidelity indicates strong investor interest and optimism. Specifically, on Friday, BlackRock’s IBIT recorded a trading volume of approximately $1.7 billion, while Fidelity’s FBTC had a volume of around $600 million.
In the face of substantial increases, Bitcoin’s price has climbed further by 4%, reaching over $67,000. Additionally, the daily trading volume has significantly risen by over 37%, exceeding $36.5 billion on Friday.
Bitwise Bitcoin ETF BITB Hits Important Milestone
Last Friday, the Bitwise Bitcoin ETF recorded approximately $44 million in new investments, bringing the weekly inflows to over $68 million. According to Bitwise Investments CEO Hunter Horsley, the total assets managed by BITB now surpass $2.5 billion.
Bitwise Investment Trust (BITB) sets itself apart by contributing significantly to the Bitcoin community. Specifically, 10% of its earnings are allocated to funding open-source Bitcoin development projects. As dedicated team members at Bitwise, we invest all our time and energy into this field. We deeply appreciate your trust in us to manage your investments. At the Bitcoin Conference, please feel free to approach Matt Hougan and Hong Kim from our team if you have a chance.
~$68,000,000 inflows into the Bitwise Bitcoin ETF ( $BITB ) this week.
AUM >$2,500,000,000.
Investors in BitByBit (BITB) contribute a tenth of their earnings towards funding open-source Bitcoin development projects. (Additional information can be provided in the details.)
All 66 of us at Bitwise spend every hour of our days focused…
— Hunter Horsley (@HHorsley) July 19, 2024
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2024-07-20 07:38