Key Points
- Fidelity’s FBTC spot Bitcoin ETF has accumulated over 150,000 BTC in assets within three months.
- Despite this, the spot Bitcoin ETFs experienced their worst net outflows since March 20.
Fidelity’s FBTC spot Bitcoin exchange-traded fund (ETF) has surpassed 150,000 BTC in assets under management in just three months. The nine new spot Bitcoin ETFs, not including the converted GBTC fund, total more than 520,000 BTC.
Market Performance of Bitcoin ETFs
FBTC has gathered a total of 150,563 BTC in assets, approximately $10.1 billion at current prices. Among the nine ETFs, BlackRock’s IBIT leads with 263,937 BTC ($18.5 billion), and Ark Invest 21Shares’ ARKB is third with 43,726 BTC ($3.1 billion).
In contrast, the higher fee GBTC fund by Grayscale has seen a 48% decline, from 619,220 BTC to 322,697 BTC. The combined assets of all U.S. spot Bitcoin ETFs now stand at 842,897 BTC, over 4% of Bitcoin’s total 21 million supply.
In terms of market share, Grayscale’s GBTC fund has fallen to 38.6% since trading began on January 11. BlackRock’s IBIT has gained the most market share at 31.3%, followed by Fidelity’s FBTC at 17.7% and Ark Invest 21Shares’ ARKB at 5.2%.
Spot Bitcoin ETFs Outflows
The U.S. spot Bitcoin ETFs saw their worst day for net outflows since March 20, with a total of $223.8 million leaving the funds. This was largely due to $303.3 million worth of outflows from Grayscale’s GBTC, overshadowing inflows from other ETFs.
Despite reaching the AUM milestone, FBTC only managed $6.3 million in inflows, its fourth worst day. In comparison, the fund’s record daily inflow was $473 million on March 7.
Bitwise’s BITB led the inflows, adding $40.3 million. However, BlackRock’s usually dominant IBIT ETF saw only $21.3 million worth of inflows, its second-lowest inflow day on record. Ark Invest 21Shares’ ARKB added $9.3 million and WisdomTree’s BTCW $2.3 million.
Net daily inflow for the spot Bitcoin ETFs peaked at $1.05 billion on March 12, as Bitcoin approached its latest all-time high of $73,836.
IBIT and FBTC have now registered inflows for 59 consecutive trading days, entering the all-time top 20, according to Bloomberg ETF analyst Eric Balchunas.
After reaching a record $9.9 billion on March 5, as Bitcoin first broke past its prior cycle peak of around $69,000, daily volume has also been in decline, generating $3.2 billion in trading.
Bitcoin is currently trading for $70,593. The largest cryptocurrency by market cap is down 2% over the past 24 hours but has gained 7% over the past month and 67% year-to-date.
