Bitcoin News

Fidelity Bitcoin Spot ETF Records $1 Billion In Net Inflows

Fidelity

Data from the trading analytics platform BitMEX Research reveals that Fidelity’s Bitcoin spot ETF – FBTC – has now witnessed a total inflow of over $1 billion. This development comes as BTC attempts to rebound from its recent dip over the last two weeks with a 1.56% gain in the past day, based on data from CoinMarketCap.  

Fidelity Joins BlackRock On Exclusive $1-B List, As Grayscale’s ETF Continues To Bleed

Following the official launch of Bitcoin spot ETF trading on January 11, Fidelity has now become the second asset manager, with its BTC spot ETF recording an accumulative inflow of $1 billion. According to BitMEX Research, Fidelity’s FBTC experienced an inflow of $177.9 million on January 18, bringing its total inflows to $1.1 billion within five days of trading. 

FBTC now sits at the same table as BlackRock’s IBIT, whose total inflows are valued at $1.2 billion. Together, both investment funds by Fidelity and BlackRock now account for over 67% of the $3.4 billion inflows recorded in the Bitcoin spot ETF market so far. 

Other Bitcoin spot ETFs with a notable positive performance include Bitwise’s BITB, Ark Invest’s ARKB, and Invesco’s BTCO, which have posted individual total inflows of $395.5 million, $320.9 million, and $194.8 million, respectively. 

On the other hand, Grayscale’s GBTC continues to experience outflows on a massive scale

BitMEX Research reveals that GBTC recorded an outflow of $579.6 million on January 18, leading the Bitcoin spot ETF market to witness a net outflow of $131.6 million. This represented the second day the BTC spot ETF market recorded a net outflow since its launch. 

GBTC’s total outflows are now valued at $2.1 billion, resulting in Bitcoin spot ETFs having a cumulative net inflow of only $1.3 billion despite the $1 billion status of BlackRock and Fidelity’s ETFs.

Source: BitMEX Research

Bitcoin’s Price Overview

Against popular predictions, Bitcoin has witnessed a price decline in the last two weeks following the approval of the much-anticipated BTC spot ETF on January 10. Many analysts have attributed this unexpected development to the massive selling pressure generated by GBTC’s outflows. 

At the time of writing, Bitcoin…

Click Here to Read the Full Original Article at NewsBTC…