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Bitcoin ETF Inflows Rise: Fidelity Outpaces BlackRock

Bitcoin ETF Inflows Rise: Fidelity Outpaces BlackRock

Fidelity attracted $261 million in inflows on Monday. 

GBTC outflows remain consistently high, with daily outflows reaching $350 million, driven by strong selling from Genesis.

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US banks are witnessing robust client demand for spot Bitcoin ETFs. 

After a week of notable outflows, the nine spot Bitcoin ETFs have again recorded net positive inflows as of Monday, March 25th. Interestingly, the total inflows of Fidelity’s FBTC Bitcoin ETF have exceeded those of BlackRock’s IBIT during this period. 

Net inflows into Bitcoin ETFs have resumed. 

On Monday, Fidelity stood out as the top performer, as its FBTC saw a significant increase of $261 million in inflows. However, BlackRock’s IBIT experienced a positive response with $35 million in inflows. 

Meanwhile, the Grayscale Bitcoin ETF GBTC continues to experience significant outflows, with $350 million withdrawn on Monday. However, there has been an expectation among market analysts that these GBTC outflows would eventually decrease. 

Based on insights from Bloomberg strategist James Seyffart, the recent outflows can be attributed to bankruptcy, primarily from Gemini and Genesis sales. Seyffart expects this trend to slow down in the coming week. Interestingly, Gemini and Genesis owned around 68 million shares of $GBTC. Seyffart suggests a self-serving motive may have been behind the decision to liquidate these positions at NAV. 

US Banks Witnessing Robust Demand for BTC ETFs 

QCP Capital reports a notable increase in client demand for Bitcoin (BTC) spot exchange-traded funds (ETFs) at wealth desks in major banks. In addition, there has been a significant rise in demand for structured products like Accumulators and FCNs (Financial Contracts for Differences). 

Investor interest in gaining exposure to Bitcoin through traditional financial instruments is evident from the increasing demand for BTC spot ETFs. In addition, it has been reported that asset managers are including BTC allocations in their portfolios to achieve diversification. This emphasizes the potential of cryptocurrencies as a different type of investment. 

In addition, starting next week, institutional investment managers will submit their 13F forms to the Securities and Exchange Commission (SEC). This analysis will offer valuable information about the entities investing in Bitcoin exchange-traded funds (ETFs). 

On Monday, the Bitcoin price surged above $70,000 due to the increased inflows into ETFs. BTC is experiencing a 5.5% increase in trading, reaching $70,533 and boasting a market cap of $1.387 trillion. 

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