BlackRock’s BTC ETF Among Top US Issuers, Outflows in Grayscale Diminish
Summary:
BlackRock's iShares Bitcoin (BTC) exchange-traded fund (ETF) is among the top 0.16% of all U.S. issued ETFs, having generated $3.19 billion in flows. Despite only being 17 days old, it's now in the top 5 for year-to-date flows. Fidelity’s Bitcoin ETF is also a major player, with a value of $2.51 billion. Meanwhile, Grayscale's converted spot Bitcoin ETF has seen a steady decrease in outflows, marking a notable shift in the market.
BlackRock's iShares Bitcoin (BTC) exchange-traded fund (ETF) currently ranks among the top 0.16% of all ETF products issued in the United States. According to the data from Senior Bloomberg ETF analyst Eric Balchunas, as of February 5, the Bitcoin ETF registered $3.19 billion in flows and is only surpassed by general index funds that track the S&P 500 and Vanguard’s Total Stock Market ETF.
In terms of year-to-date flows, BlackRock's ETF is now in the top five, outpacing 99.98% of ETFs despite only being 17 days old. When analyzed alongside the 3,109 ETFs currently trading in the U.S., BlackRock's ETF stands in the top 0.16%, according to YCharts data. However, by analyzing BlackRock’s ETF performance against an estimated 10,000 global ETFs, Balchunas reported a figure of 0.02%.
Fidelity’s Bitcoin ETF is also trending among the top performers with a $2.51 billion value, making it the eighth-largest U.S.-based ETF product. Both BlackRock and Fidelity's Bitcoin ETFs have seen an upward trend, positioned at the eighth and tenth spots, respectively, as of the end of January.
It's worth mentioning that spot Bitcoin ETFs were approved for trading only on January 11, 2024, putting them at a seven-trading-day disadvantage compared to other ETF products, whose flows have been calculated since January 1, 2024.
The data from BitMEX Research shows a gap widening between BlackRock and Fidelity’s spot Bitcoin ETFs when compared to the other seven spot Bitcoin ETFs (excluding Grayscale). Ranked third and fourth among Bitcoin ETFs are ARK 21Shares and Bitwise with accumulated flows of $683.7 million and $663.6 million respectively, as per February 5 data from BitMEX Research.
Other Bitcoin ETF issuers Invesco, Galaxy and Valkyrie have garnered over $100 million in total flow, while WisdomTree ranks last with $11.1 million only. As it's reported, net flows into all these spot Bitcoin ETFs have reached $1.5 trillion since they first started trading.
In related news, Grayscale's converted spot Bitcoin ETF has been registering a consistent decrease in outflows, with a recorded $73 million on February 6. Other Bitcoin ETF issuers have been continuously surpassing Grayscale's GBTC outflows for over a week now. The recent figure marks an 88% reduction from Grayscale’s highest day of outflows on January 22 when the newly converted ETF lost $640 million.
Published At
2/7/2024 7:19:32 AM
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