Fidelity Joins The Billion-Dollar Spot Bitcoin ETF Inflow Club

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Joanna K

Editor

Fidelity has joined BlackRock in the high-ranking club of Spot Bitcoin ETFs exceeding $1billion inflows within their first five days, pushing the total net flows close to $1.2bn, according to research today from BitMEX Research.

Bitwise takes third place with $395.5m, followed by Ark Invest/21Shares and Invesco with $320.9m and $194.9m, respectively. Ten out of 11 new Spot Bitcoin ETFs racked up approximately $3.4bn in inflows during their first five days.

The smaller funds such as Valkyrie, Wisdomtree and VanEck saw inflows of under $100m each. Meanwhile, established player Grayscale saw $2.2bn in outflows. 

Despite exceeding $3.4bn in total inflows across their first five days, US Spot Bitcoin ETFs experienced net outflows of $131.6m yesterday, 18 January, marking the largest daily outflow so far.

However, the outflows were countered by significant inflows into several individual funds. Fidelity (FBTC) and BlackRock (IBIT) led the pack, attracting $177.9m and $145.6m, respectively.

Invesco (BTCO) followed with $59m, Ark Invest/21Shares (ARKB) saw $41.8m, and Bitwise (BITB) $20.1m. The remaining ETFs witnessed minimal flows on Thursday.

The outflows experienced by the Grayscale Bitcoin Trust (GBTC) contributed significantly to the overall negative flow for the day, according to BitMEX Research.

Grayscale outflows

While 10 out of 11 individual ETF products attracted a combined $447.9m, their efforts were overshadowed by a staggering $579.6m in outflows from Grayscale's converted fund.

Smaller funds like Bitwise, Ark Invest/21Shares, and Invesco have also contributed to the positive sentiment, but Grayscale's ongoing outflows cast a significant shadow.

A brief resurgence emerged Wednesday with $474m in inflows, but the subsequent outflow marks the largest daily net negative yet.

A week since Spot Bitcoin ETF launch

At the time of writing on 19 January, the price of Bitcoin is trading at $41,257, down 2.62% in the past day and 9.94% in the past week since the launch of the Spot Bitcoin ETFs. Its 24-hour trading volume is up 34.44% at $26.6bn. 

Bitcoin weekly chart. Source: CoinMarketCap
Meanwhile, market sentiment has decreased to 'neutral' on the Fear & Greed index, according to CoinMarketCap data. The global crypto market cap currently stands at $1.63trillion, a 2.20% decrease in the last day.