Fidelity Unexpectedly Outperforms BlackRock in Bitcoin ETF Mania
Highlights
- Fidelity's Bitcoin ETF ouptaces BlackRock's IBIT in daily inflows on June 9
- Fidelity recorded a $172.99 million inflow, while BlackRock came second with $120.93 in daily inflows to Bitcoin ETFs
- Meanwhile, the price of Bitcoin continues to march towards its all-time high at $112,000 with BTC now quoting shortly behind $110,000
Fidelity has unexpectedly topped BlackRock in the daily inflows for the first time in a long while. BlackRock’s Bitcoin ETF usually leads the way in this metric, recording millions of dollars in inflows.
Fidelity Outpaces BlackRock In Daily Bitcoin ETF Inflows
On June 9, Fidelity led with daily Bitcoin ETF flows, pulling in $172.99 million through its FBTC fund, just edging past BlackRock’s IBIT, which brought in $120.93 million, according to SoSoValue data. It was a bit of a surprise because BlackRock’s IBIT usually records the most daily inflows.
This development follows IBIT’s record of becoming the fastest ETF to hit the $70 billion mark in assets under management (AuM). Bloomberg analyst Eric Balchunas noted that IBIT hit this milestone five times faster than Gold.
IBIT is still way ahead in terms of overall assets, with $71.97 billion compared to FBTC’s $21.51 billion. Its total net inflows are still strong at $48.77 billion, while Fidelity’s fund has pulled in $11.61 billion so far. Even so, the daily lead shift is the first time in a while that another issuer has really gone up against BlackRock in terms of new demand.
Grayscale’s GBTC, on the other hand, hasn’t changed much. There’s been no net inflow, and it keeps posting outflows. So far, it has taken out a total of $23.25 billion since its launch. GBTC still holds over $20 billion in assets, but it’s struggling to bring in new money. This shows a bigger trend: investors are choosing low-fee, high-liquidity options over the older structures.
Other issuers also saw healthy growth. Bitwise’s BITB had $68.55 million in daily inflows, which brought its total to over $2 billion. Meanwhile, Ark Invest’s ARKB brought in $10.83 million and has now got over $2.4 billion in total net inflows. VanEck’s HODL has been on a roll, adding another $7.68 million, even though they’re operating on a smaller scale.
Meanwhile, Valkyrie, Franklin Templeton, and Invesco didn’t have any daily inflows, but they’re still doing better than the rest of the competition. This shows a clear difference between the top performers and everyone else.
All in all, Bitcoin ETFs saw a total net inflow of $386.27 million for the day, bringing the total assets of these ETFs to over 6% of Bitcoin’s total market cap. The Bitcoin price was trading around $108,800, staying close to its recent highs according to data from CoinMarketCap.
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
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.
