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Highlights
- Fidelity's FBTC has broken its 63-day of recorded inflow
- The spot Bitcoin ETF market is showing dynamics in investor interest
- Grayscale's GBTC continues to see outbound capital flow
On Friday, Fidelity Investments’ spot Bitcoin ETF FBTC closed the market with a $0 inflow, marking the end of its 63-day streak.
Fidelity Spot Bitcoin ETF Changes Direction
In reference to a post made on X by Farside Investors, a London-based investment management company, Eric Balchunas shared a chart showing the streaks that several ETFs have maintained so far. The senior Bloomberg ETF analyst confirmed that FBTC broke its streak at day 63.
This outlook may come off as a surprise to investors and other market observers considering that the spot Bitcoin ETF has been performing excellently, even to the point of outperforming BlackRock.
In the last week of March, Fidelity Investments bagged a significant percentage of the surge in client demand for spot Bitcoin ETFs that major banks were experiencing at the time.
Precisely, Fidelity’s FBTC recorded $261 million worth of inflows. On the other hand, BlackRock’s IBIT received only $35 million in inflows.
Per data from Farside Investors, the nine-spot Bitcoin ETFs saw a combined net inflow of $417 million on March 26. Of this total figure, Fidelity’s FBTC recorded the highest single-day net inflow, totaling approximately $279 million.
This marked the second time that Fidelity will be outpacing BlackRock in terms of daily inflow for that week.
BlackRock Leads, Grayscale Lags
Of all the nine spot Bitcoin ETFs, BlackRock’s IBIT and Fidelity’s FBTC have displayed resilience until now. They have both successfully climbed up the ladder to be in the top 20 ETF “all-time high” list, leaving the likes of Grayscale with huge outflows.
According to the recent data shared by Farside Investors, only BlackRock recorded inflows, pegged at $111.1 million. Similarly, Balchunas’ chart shows that BlackRock IBIT has entered its 64-day inflow streak. Balchunas perceives that it may end up competing with USMV for the 14th spot all-time. Notably, this USMV is a BlackRock ETF designed to track the investment results of an index composed of U.S. equities
Grayscale is still reeling in outflows, a trend that it has unfortunately maintained since the first week of the spot Bitcoin ETF launch. The Bitcoin ETF recorded an outflow of $166.2 million on Friday.
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