The inflow registered last week by all ten spot Bitcoin ETF issuers including Grayscale has placed the new offerings ahead of 3,400 ETFs that were existing before the United States Securities and Exchange Commission (SEC) gave its approval to the new cohort of BTC backers in the region.
Spot Bitcoin ETF Slams Mainstream Rivals
An illustration designed by Bloomberg Intelligence shows that U.S. spot Bitcoin ETFs are leading other ETFs in terms of the volume of inflows. Approximately $2.3 billion was recorded as inflows for the week at the close of the market on Friday.
This figure brings the total net inflows to more than $5 billion.
Only BlackRock’s IBIT registered as much as $1.67 million in flows while Fidelity’s FBTC saw about $729,000. Markedly, BlackRock is topping the list with the volume of inflows that its spot BTC ETF has pulled in.
On February 16, IBIT had a total net inflow of $331 million and this placed the ETF’s total historical net inflow at $5.36 billion.
With this figure from a single Bitcoin ETF, BlackRock ranked amongst the first 7% of all ETFs by its market capitalization.
BlackRock and Fidelity Exerting Influence on the Market
The broad spot Bitcoin ETF market is growing stealthily. So far, about four issuers have crossed the $1 billion milestone for net inflows. The first was BlackRock which hit the milestone only the first few days after the SEC greenlighted the offerings.
Fidelity followed BlackRock as the second to reach the $1 billion milestone. The spot Bitcoin ETF issued by the duo of ARK Invest and 21Shares also joined the list of products with an Asset Under Management (AUM) of $1 billion. Bitwise is the latest on the list.
A glance at the spot Bitcoin ETF ecosystem confirms that BlackRock and Fidelity have established their positions with the volume of inflows recorded.
However, there is still tough competition with Grayscale, the spot Bitcoin ETF issuer that has been experiencing massive outflows. Due to the outflows, Grayscale is considering reducing its Bitcoin exposure by 2,555 BTC, which is valued at approximately $133 million.
On the other hand, BlackRock and Fidelity are seeking means to bolster their BTC exposure.