BlackRock and Fidelity Bitcoin ETFs reach top 10 in January flows

BlackRock and Fidelity’s spot Bitcoin ( BTC ) exchange-traded funds (ETFs) have made it among ETFs with the largest January flows, totaling around $4.8 million.

BlackRock’s iShares Bitcoin Trust (IBIT) had an estimated $2.6 billion in net flows, reaching eight place, while the Fidelity Wise Origin Bitcoin ETF (FBTC) landed tenth place with $2.2 billion in net flows, per a Feb. 3 report from Morningstar research analyst Lan Anh Tran using data approximated from the issuers' websites. 

The data also showed the Grayscale Bitcoin Trust (GBTC) had the second highest outflows among ETFs in January, with $5.7 billion estimated to have net exited the fund over the month.

“Never thought I’d see the day,” the president of investment advisory firm ETF Store, Nate Geraci, wrote in an X post sharing the data.

Two spot bitcoin ETFs among top 10 of *all* ETF inflows in January...

Never thought I'd see the day.

via @MorningstarInc pic.twitter.com/o7L5CEu5Ef

— Nate Geraci (@NateGeraci) February 3, 2024

In a separate X post , Geraci said BlackRock and Fidelity’s funds are in a “clear two-horse race” among the nine new Bitcoin funds.

He added the joint ETF from ARK Invest and 21 Shares, along with Bitwise’s — both with assets under management shy of $650 million — were developing as a “strong middle class” and predicted they would hit $1 billion in assets in the “not too distant future.”

Morningstar’s report comes amid U.S. spot Bitcoin ETFs notching six straight days of net positive inflows totaling nearly $715 million, the majority of which was carried by BlackRock and Fidelity’s funds, per data posted to X on Feb. 3 by BitMEX Research.

Related: Bitcoin ETFs hype stalled by due diligence — Bloomberg

The trading days from Jan. 26 to Feb. 2 saw flows into the nine new spot Bitcoin funds surpass the lingering outflows from Grayscale’s, which slowed over the week, with the GBTC hitting its second-lowest outflow day on Feb. 2 at $144.6 million.

Bitcoin Spot ETF Flow data

Up to 2nd Feb 2024 pic.twitter.com/gN2GKLedxn

— BitMEX Research (@BitMEXResearch) February 3, 2024

The six-day run of inflows came after a four-day spree of outflows between Jan. 22 and 25 when GBTC outflows peaked, and $431.8 million net exited the ten ETFs in total.

Bloomberg senior ETF analyst Eric Balchunas wrote in a Feb. 3 X post that it was “really something to see” the nine ETFs bar the GBTC “comeback from that dip last week.”

“Typically there’s [a] slow decline after [a] big hyped launch,” and the net inflows to the funds on their third week of trading “shows these ETFs have legs,” he added.

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