Spot Bitcoin exchange-traded funds (ETFs) belonging to Fidelity and BlackRock have secured positions for ETFs having biggest January flows, which added up to roughly $4.8 billion, as stated by Cointelegraph.
According to Cointelegraph, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC) clocked net flows worth approximately $2.6 billion and $2.2 billion, respectively. Lan Anh Tran, research analyst, Morningstar, stated that among the ETFs, IBIT secured the eighth position whereas, FBTC secured the tenth position, as per information collected from the issuers’ websites. From what it’s understood, Grayscale Bitcoin Trust (GBTC) clocked the second highest position for ETF outflow of January, with seemingly $5.7 billion to have net departed the fund during the month.
Based on Cointelegraph’s data, Morningstar’s report arrived at the time of US spot Bitcoin ETFs clocking six days worth of net positive inflows reaching close to $715 million. Reportedly, majority of the net positive inflows was constituted by Fidelity and BlackRock’s funds, with insights from BitMEX Research. Official data has shown that the trading days, from January 26 to February 2, 2024, witnessed flows into the nine new spot Bitcoin funds overtake Grayscale’s outflows, on account of GBTC securing its second-lowest outflow day at $144.6 million on February 2, 2024.
Moreover, Cointelegraph concluded the six-day inflow period arrived post a four-day outflow period, between January 22-25, 2024, when GBTC outflows reached its highest point, and a net amount worth $431.8 million left the ten ETFs. “Typically there’s [a] slow decline after [a] big hyped launch,” and the net inflows to the funds on their third week of trading “shows these ETFs have legs,” Eric Balchunas, senior ETF analyst, Bloomberg, highlighted.
(With insights from Cointelegraph)
