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Bitcoin ETFs have significantly bolstered inflows for BlackRock and Fidelity in 2024, with BlackRock's share at 26% and Fidelity's at 56%, highlighting the growing demand for cryptocurrency investment options.
Spot Bitcoin ETFs Drive Significant Inflows for BlackRock and Fidelity, Surpassing Traditional Investments
This year, spot Bitcoin exchange-traded funds (ETFs) issued by BlackRock and Fidelity have contributed significantly to the issuers' total ETF inflows.
According to Bloomberg ETF analyst Eric Balchunas (via Cointegraph), citing Bloomberg Intelligence data, BlackRock and Fidelity have received 56% and 26% of year-to-date inflows from Bitcoin ETFs, respectively.
Based on data from Farside Investor, the iShares Bitcoin Trust (IBIT) of BlackRock and the Fidelity Wise Origin Bitcoin Fund (FBTC) have received inflows of $16.6 billion and $8.9 billion, respectively, since their respective launches approximately five months ago.
In contrast, Vanguard, which does not offer Bitcoin ETFs, has surpassed BlackRock by a significant margin with $102.8 billion in total ETF inflows in 2024, compared to BlackRock's $65.1 billion.
As of the present, BlackRock manages a cumulative sum of $2.8 trillion in assets across 429 ETFs, as reported by Stock Analysis. Fidelity, in contrast, lists a mere 70 ETFs with a combined AUM of $74 billion.
Invesco, meanwhile, has recorded $34.7 billion in ETF flows for the first half of the year; however, its Bitcoin ETF, which has received $317.3 million in total inflows, accounts for only 0.9% of the total.
BlackRock's IBIT Overtakes Grayscale to Become Leading Spot Bitcoin ETF Amidst Volatile ETF Flows
On May 28, BlackRock's IBIT surpassed the Grayscale Bitcoin Trust (GBTC) to become the world's most prominent spot Bitcoin ETF. IBIT currently possesses 291,567 BTC, which the Apollo Bitcoin Tracker values at just over $20 billion.
Grayscale initially held 620,000 Bitcoin at the time of the GBTC spot exchange. Since then, it has experienced massive outflows and currently possesses only 285,139 BTC, which is approximately $19.6 billion at current prices.
Recently, Bitcoin ETF flows have leveled off, with numerous ETF issuers reporting days with negative inflows and outflows.
As an illustration, Farside Investors reports that the Franklin Bitcoin ETF (EZBC) has not experienced any inflow or outflow since May 16.
Grayscale's Bitcoin investment products currently receive an average of $141.7 million daily inflows. The ARK 21Shares Bitcoin ETF (ARKB) contributes to this amount less than IBIT and FBTC.
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