Data from trading analysis platform BitMEX Research reveals that Fidelity's bitcoin spot ETF, FBTC, has witnessed a total inflow of over $1 billion. This development comes as btc attempts to recover from its recent drop over the past two weeks with a 1.56% gain in the last day, according to bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data.
Fidelity joins BlackRock on billion-dollar exclusive list, as Grayscale ETF continues to bleed
Following the official launch of bitcoin spot ETF trading on January 11, Fidelity has now become the second largest asset manager, with its btc spot ETF recording a cumulative inflow of $1 billion. According to BitMEX Research, Fidelity's FBTC saw 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, Fidelity and BlackRock mutual funds now account for more than 67% of the $3.4 billion inflows recorded into the bitcoin ETF spot market so far.
Other bitcoin spot ETFs with notable positive performance include Bitwise's BITB, Ark Invest's ARKB, and Invesco's BTCO, which have recorded individual total inflows of $395.5 million, $320.9 million, and $194.8 million. of dollars, respectively.
bitcoin Spot ETF Flow Data – Day 5
Data output for all providers.
Net outflow of $131.6 million on day 5 for all spot ETFs, large GBTC outflow of $579.6 million pic.twitter.com/McHZrRghtu
— BitMEX Research (@BitMEXResearch) January 19, 2024
On the other hand, Grayscale's GBTC continues to experience large-scale capital outflows.
BitMEX Research reveals that GBTC recorded an outflow of $579.6 million on January 18, leading the bitcoin ETF spot market to witness a net outflow of $131.6 million. This represented the second day that the btc spot ETF market recorded a net outflow since its launch.
Total outflows from GBTC are now valued at $2.1 billion, resulting in bitcoin spot ETFs having a cumulative net inflow of just $1.3 billion despite the $1 billion status of bitcoin ETFs. BlackRock and Fidelity.
Source: BitMEX Research
bitcoin Price Overview
Contrary to popular predictions, bitcoin has witnessed a price crash in the past two weeks following the approval of the long-awaited btc Spot ETF on January 10. Many analysts have attributed this unexpected development to the enormous selling pressure generated by GBTC exits.
At the time of writing, bitcoin is trading at $41,536, down 2.55% and 5.50% over the last seven and 14 days, respectively. As stated above, the top cryptocurrency made some gains of 1.56% in the last day which may be indicative of a recovery, however, it is too early to predict.
<img loading="lazy" decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/01/Fidelity-Bitcoin-Spot-ETF-Sees-1-Billion-in-Net-Inflows" alt="bitcoin Spot ETF” width=”1479″ height=”893″/>
btc trading at $41,561 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investopedia, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.