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BlackRock’s Bitcoin ETF Breaks into Top 0.16% of ETF Market in 2024

BlackRock's Bitcoin ETF could have attained a higher position if it hadn't missed the initial seven trading days on the Nasdaq while awaiting SEC approval. Despite this setback, the iShares Bitcoin Trust ETF has soared to the top echelons, ranking among the top 0.16% of all ETFs issued in the United States.With inflows exceeding $3.19
BlackRock’s Bitcoin ETF could have attained a higher position if it hadn’t missed the initial seven trading days on the Nasdaq while awaiting SEC approval. Despite this setback, the iShares Bitcoin Trust ETF has soared to the top echelons, ranking among the top 0.16% of all ETFs issued in the United States.

With inflows exceeding $3.19 billion, as reported by senior Bloomberg ETF analyst Eric Balchunas on February 5th, BlackRock’s spot Bitcoin ETF is only surpassed by broad index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF.

In comparison to the 3,109 ETFs currently trading in the United States, BlackRock’s ETF flows position it in the top 0.16%, as per data from YCharts. Balchunas presents a slightly different perspective, estimating BlackRock’s ETF performance against approximately 10,000 ETFs worldwide, placing it within the top 0.02%.

Fidelity’s Bitcoin Fund also emerges as a formidable player, securing $2.51 billion in inflows and claiming the eighth position among U.S.-based ETF products.

Both BlackRock and Fidelity’s Bitcoin ETFs have steadily climbed the ranks, holding the eighth and tenth positions respectively by the end of January.

However, it’s crucial to recognize that while the total flows of other U.S. ETFs are calculated from January 1st, 2024, spot Bitcoin ETF products commenced trading only on January 11th. This places the Bitcoin ETFs at a disadvantage of seven trading days when compared to other products.

BitMEX Research data highlights a growing divergence between BlackRock and Fidelity’s spot Bitcoin ETFs and other spot Bitcoin ETFs in terms of inflows.

ARK 21Shares and Bitwise stand as the third and fourth top performers among spot Bitcoin ETFs, with $683.7 million and $663.6 million in accumulated flows respectively, according to February 5th data from BitMEX Research.

Invesco Galaxy and Valkyrie are also noteworthy Bitcoin ETF issuers, recording over $100 million in total flow, while WisdomTree trails behind with just $11.1 million.

As of the current moment, net flows into all ten spot Bitcoin ETFs have reached approximately $1.5 billion since their inception.

Bitcoin ETF Flow – 6th Feb 2024

GBTC outflow $73m

— BitMEX Research (@BitMEXResearch) February 6, 2024

Meanwhile, Grayscale’s converted spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), has experienced a notable reduction in outflows, recording its sixth successive day of shrinking outflows at $73 million on February 6th, according to BitMEX Research and Bloomberg ETF analyst James Seyffart.

Inflows from other Bitcoin ETF issuers have consistently outpaced outflows from Grayscale’s GBTC for at least seven consecutive days, marking a significant shift in investor sentiment.

This latest figure represents an 88% decrease from Grayscale’s worst day of outflows on January 22nd, where $640 million exited the newly converted ETF.

Wasif Shakir

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