Data from the trading analysis platform BitMEX Research reveals that Fidelity’s Bitcoin spot ETF – FBTC – has now witnessed total inflows of over $1 billion. This development comes as BTC tries to recover from the recent dip over the past two weeks with a gain of 1.56% in the past day, based on data from CoinMarketCap.
Fidelity joins BlackRock on the $1 billion exclusive list, while Grayscale’s 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 cumulative inflows of $1 billion. According to BitMEX Research, Fidelity’s FBTC saw inflows of $177.9 million on January 18, bringing 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 Fidelity and BlackRock mutual funds are now responsible for over 67% of the $3.4 billion inflows recorded to date in the Bitcoin spot ETF market.
Other Bitcoin spot ETFs with notable positive performance include Bitwise’s BITB, Ark Invest’s ARKB, and Invesco’s BTCO, which posted individual total inflows of $395.5 million, $320.9 million, and $194.8 million, respectively.
Bitcoin Spot ETF Flow Data – Day 5
Data out 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 outflows.
Research from BitMEX shows that GBTC recorded an outflow of $579.6 million on January 18, causing the Bitcoin spot ETF market to witness a net outflow of $131.6 million. This was the second day that the BTC spot ETF market recorded net outflows since its launch.
Total GBTC outflows are now estimated at $2.1 billion, resulting in Bitcoin spot ETFs having cumulative net inflows of just $1.3 billion, despite the $1 billion status of BlackRock and Fidelity’s ETFs.
Source: BitMEX Research
Bitcoins price overview
Contrary to popular predictions, Bitcoin has witnessed a price decline over the past two weeks following the approval of the highly anticipated BTC spot ETF on January 10. Many analysts have attributed this unexpected development to the massive selling pressure generated by GBTC outflows.
At the time of writing, Bitcoin is trading at $41,536, down 2.55% and 5.50% over the past seven and fourteen days, respectively. As previously mentioned, the leading cryptocurrency has posted a gain of 1.56% over the past day, which could be indicative of a recovery, but it is still too early to call.
BTC trading at $41,561 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investopedia, chart from Tradingview
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