Bitcoin ETF Inflows: With $75M in Two Days, Fidelity Gains Momentum Over BlackRock
Highlights
- Bitcoin ETFs saw $260M inflows in 48 hours, as BTC surged past $100,000 this week.
- As BlackRock slows down, Fidelity’s ETF is gaining momentum with $75M in fresh inflows in two days.
- Estimates peg ETF inflows at $5.3B in 3 weeks, as macroeconomic factors turn favorable.
After a heady week with billion-dollar inflows, the US spot Bitcoin ETFs are catching their breath this week. Over the last two days, May 7 and 8, these funds pulled in a combined $260 million, maintaining a steady pace. Interestingly, while BlackRock’s once-dominant IBIT is attracting just about one-fourth of the usual inflow, Fidelity’s FBTC is quietly regaining ground.
Bitcoin ETFs have been on a roller coaster ride over the last few weeks. After a couple of weeks of outflows due to tariff uncertainties, they bounced back with billions of inflows during the last two weeks. According to the data from Farside Investors, the inflow momentum has sustained this week as well, as Bitcoin’s price surged past $100,000.
Fidelity Challenges BlackRock’s Dominance
The inflow amount this week is still much lower compared to last week, when the daily inflows ranged from $400 -600 million on most days. However, what’s more interesting is the shift in patterns of investment from the two largest players, BlackRock and Fidelity.
BlackRock’s iShares Bitcoin Trust (IBIT) has always constituted the lion’s share of the daily inflows, going as high as $971 million on April 28. However, this week the inflows into IBIT have come down sharply, hovering around $30-70 million per day. Experts opine that the deceleration may indicate a shift in investor allocation strategies or a plateau in BlackRock’s aggressive accumulation phase.
On the other hand, Fidelity’s Wise Origin Bitcoin Fund (FBTC) has attracted over $75 million in two days, showing signs of strong momentum. Considering its net negative inflow in the past week, the strong numbers are likely to reestablish Fidelity as a strong contender in the Bitcoin ETF space.
Bullish momentum continues
The continued inflows coincide with Bitcoin’s price rally. Strong macroeconomic factors like easing trade tensions, three U.S. states approving Bitcoin reserve laws within 24 hours, and favorable inflation data are helping the BTC prices scale new highs this week.
A recent update from Standard Chartered suggests that the inflows into spot Bitcoin ETFs have reached $5.3 billion over the past three weeks. The sustained Bitcoin ETF inflows, coupled with BTC price momentum, have boosted investor sentiments, with well-known crypto enthusiasts like Arthur Hayes predicting the BTC price to touch $150,000 by the end of the month.
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