Fidelity Unexpectedly Outperforms BlackRock in Bitcoin ETF Mania

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.

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.