Fidelity Bitcoin ETF FBTC Sees $0.5 Billion Inflows In Two Days, Hits Key Milestone

Fidelity Bitcoin ETF FBTC Sees $0.5 Billion Inflows In Two Days, Hits Key Milestone

PENGY June 6, 2024, 6:02 am Facebook Twitter


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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.

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.

The post Fidelity Bitcoin ETF FBTC Sees $0.5 Billion Inflows In Two Days, Hits Key Milestone appeared first on CoinGape.

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