BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF) has swiftly ascended into the upper echelon of U.S.-issued ETF products, ranking in the top 0.16%.
As of February 5th, the ETF has attracted over $3.19 billion in inflows, trailing only behind broad index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF, as reported by Eric Balchunas, a senior ETF analyst at Bloomberg.
Remarkably, within just 17 days since its inception, $IBIT has surged into the Top 5 in year-to-date flows, surpassing 99.98% of other ETFs.
Comparing against the 3,109 ETFs presently trading in the United States, BlackRock’s ETF stands out, placing in the top 0.16% in terms of flows.
Balchunas offers a slightly different assessment, suggesting a 0.02% position when measured against an estimated 10,000 ETFs globally.
Fidelity’s Bitcoin Fund follows closely behind, securing the eighth spot among U.S.-based ETF products with $2.51 billion in inflows.
Both BlackRock and Fidelity’s Bitcoin ETFs have steadily climbed the ranks, advancing from eighth and tenth positions at the end of January.
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Notably, the approval of spot Bitcoin ETF products for trading on January 11th puts them at a seven-day trading disadvantage compared to other products whose flows are tallied from January 1st.
BitMEX Research data highlights the widening gap between BlackRock and Fidelity’s spot Bitcoin ETFs against seven other spot Bitcoin ETFs (excluding Grayscale) in terms of inflows.
ARK 21Shares and Bitwise secure third and fourth positions respectively, with over $100 million in accumulated flows each.
Meanwhile, Grayscale’s converted spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), saw a decline in outflows for the sixth consecutive day, recording $73 million on February 6th.
Notably, inflows from other Bitcoin ETF issuers have consistently outpaced outflows from Grayscale’s GBTC for at least seven consecutive days, marking a significant shift in investor sentiment.
The latest outflow figure represents an 88% decrease from GBTC’s peak outflow day on January 22nd, signaling a changing landscape in the Bitcoin ETF market.
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