NewsletterFidelity Bitcoin ETF FBTC Sees $0.5 Billion Inflows In Two Days, Hits Key Milestone
Highlights
- In the last two days, Fidelity's FBTC has registered more inflows than BlackRock's IBIT.
- The Bitcoin ETFs continue the streak of 17 consecutive days of positive inflows.
- Franklin Templeton CEO says that there's more potential for institutional adoption of BTC.
The spot Bitcoin ETFs in the United States have resumed strong inflows recently with the Bitcoin price rallying past $71,000 recently. On Wednesday, the total Bitcoin ETF inflows stood close to $500 million with Fidelity’s FBTC once again dominating the market.
Fidelity Bitcoin ETF FBTC On the Rise
While BlackRock has always dominated the inflows for spot Bitcoin ETFs so far, Fiedlity’s FBTC has recently taken the lead. On Wednesday, June 5, the Fidelity Bitcoin ETF FBTC witnessed $220 million worth of inflows taking it two days inflows to nearly $600 million. With this, the total assets under management for FBTC have surged past $9.5 billion.
Fidelity remains the immediate competitor to BlackRock when it comes to assets under management for its spot Bitcoin ETFs. Despite the current inflows, BlackRock’s IBIT is still double the size of Fidelity FBTC.
On June 5, Bitcoin spot ETFs experienced a substantial net inflow of $488 million, marking the 17th consecutive day of positive inflows. The day before, this number stood at a massive $887 million.
On Wednesday, Grayscale’s ETF GBTC reported a single-day inflow of $14.58 million, Fidelity’s ETF FBTC saw $221 million, and BlackRock’s ETF IBIT attracted $155 million. The cumulative net inflow for Bitcoin spot ETFs has now reached an impressive $15.338 billion. Just to give a context, the total purchase of BTC by spot Bitcoin ETFs was 27 times the daily Bitcoins mined.
NEW: 🇺🇸 Spot #Bitcoin ETFs bought 12,508 #BTC yesterday, while miners only produced 450 BTC. pic.twitter.com/O8t6QB9UbB
— Bitcoin Magazine (@BitcoinMagazine) June 5, 2024
Institutional Deman to Rise
The CEO of Franklin Templeton commented on the growing adoption of Bitcoin ETFs, stating, “This is really the first wave of the early adopters. The next wave is the much bigger institutions.” The CEO Jenny Jhonson emphasized that the current bullish sentiment is still underestimating the potential influx of larger institutional investors into the Bitcoin ETF market
Moreover, the Franlink Bitcoin ETF currently has more than $420 million in AUM, where small in size as compared to other big players.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
