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BlackRock Lead Notable Inflows in Growing Bitcoin ETF Landscape

Key Takeaways
  • BlackRock's IBIT Bitcoin ETF led with $341.2 million daily trading volume, surpassing competitors.
  • Fidelity, ranking third, boosts Bitcoin ETF success, allocating to All-in-One Conservative ETF.
  • Bitcoin ETFs, with 187,000 BTC holdings, challenge MicroStrategy, marking crypto investment evolution.
08-Feb-2024 By: Gunjan Sahu
BlackRock Lead Notab

Bitcoin ETF Trading Volume Surpasses 1B Dollar Led by BlackRock

On February 7, the total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) reached an impressive milestone, surpassing $1 billion. BlackRock emerged as the leader, with its IBIT Bitcoin ETF experiencing a daily trading volume of $341.2 million, outpacing Grayscale Bitcoin Trust, which recorded $296.5 million. Fidelity's FBTC fund secured the third position with $200 million. Despite the notable achievement, Bloomberg Intelligence analyst James Seyffart downplayed the significance, stating that while it marked a "tick-up," it still lagged behind the initial weeks of trading for Bitcoin ETF.

Spot Bitcoin ETF Inflows Outpace GBTC Outflows for Ninth Consecutive Day

In another development, spot Bitcoin ETFs continued to demonstrate resilience by attracting inflows, outpacing outflows from the GBTC for the ninth consecutive day. On February 7, GBTC reported $81 million in outflows, while the combined inflows for the other nine spot Bitcoin ETFs amounted to $226 million. BlackRock and Fidelity witnessed notable inflows, with BlackRock receiving $56 million and Fidelity's fund increasing by $130 million. Bitwise also contributed with $21 million in inflows.

Fidelity and BlackRock Play Key Roles in Growing ETF Landscape

Amidst the success of Bitcoin ETFs, Fidelity has emerged as a key player, with its FBTC fund ranking third in daily trading volume. Notably, Fidelity is now allocating spot Bitcoin to its All-in-One Conservative ETF, a move that ETF analyst Eric Balchunas sees as a positive indicator. The ETF landscape has seen a transformative impact, with Bitcoin ETFs collectively holding approximately 187,000 BTC as of February 7. Investor and author Fred Krueger pointed out that the combined BTC holdings of the newly launched nine ETFs are approaching the holdings of MicroStrategy, the largest corporate holder of Bitcoin, further emphasising the growing influence of ETFs in the crypto space.

In summary, the latest developments underscore the increasing prominence of Bitcoin ETFs, with BlackRock leading in daily trading volume and Fidelity playing a significant role in the growing ETF landscape. The ongoing trend of spot Bitcoin ETF inflows surpassing GBTC outflows highlights the shifting dynamics within the cryptocurrency investment landscape.

Also Read: Robinhood and MetaMask Join Forces for Crypto and Web3 Integration

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