First Time Ever: Fidelity’s FBTC Beats Grayscale’s GBTC in This Negative Trend
Ever since mid-January, when the 11 spot Bitcoin ETFs saw the light of day, Grayscale’s converted GBTC has been at the forefront of outflows. This eventually resulted in losing its crown as the world’s largest exchange-traded fund tracking the performance of BTC.
In the last two trading days of this week, though, the tides changed, and this negative award went to Fidelity’s FBTC.
Data from FarSide shows the overall outflows for the week, in which four out of the five trading days were in the red. In total, the 11 ETFs saw $64.9 million withdrawn on Monday, $200.4 million on Tuesday, $226.2 million on Thursday, and $189.9 million on Friday. The only exception was June 12, with $100.8 million in inflows.
What’s particularly worth noting is that Grascayle’s GBTC, which has seen more than $18 billion in outflows since its conversion, was not in the lead for two consecutive days – Thursday and Friday. GBTC saw $61.5 million and $52.3 million pulled out on Thursday and Friday, respectively.
At the same time, the outflows from Fidelity’s FBTC skyrocketed to $106.4 million on Thursday and $80.1 million on Friday. As such, this marks the first time ever another ETF has taken this adverse accolade from Grayscale’s GBTC for two consecutive days.
Somewhat expectedly, the net outflows of more than $550 million within a week from all ETFs harmed bitcoin’s price movements.
The asset was severely impacted by the US CPI data and the subsequent FOMC meeting, both of which took place mid-week, but it had recovered a lot of ground and even challenged $70,000.
However, it failed there and was pushed down to $66,000 on Friday evening, which became its lowest price position in a month. This only goes to highlight the ETF’s effects on the underlying asset’s price movements.
Before June 10, the ETFs were on a month-long streak of consecutive days of inflows, which resulted in a price surge from around $60,000 to about $72,000.
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