Spot Bitcoin ETFs by BlackRock, Fidelity Ranked Top 10 in January Inflows

The spot Bitcoin (BTC) exchange-traded funds (ETFs) by BlackRock, the world’s largest asset management firm, and Fidelity have been ranked among the ETFs with the largest inflows in the month of January, as per recent data. 

As reported earlier by TheCoinRise, the United States Securities and Exchange Commission (SEC) approved eleven applications from leading asset management firms on January 10 for a spot Bitcoin ETF in the United States.

Spot Bitcoin ETFs Gaining Traction

Spot Bitcoin ETFs from BlackRock and Fidelity have been ranked in the list of top 10 exchange-traded funds with the most inflow in January. The BlackRock iShares Bitcoin Trust (IBIT) had an estimated $2.6 billion in net flows, placing it at number eight. 

On the other hand, the Fidelity Wise Origin Bitcoin ETF (FBTC) landed in tenth place with $2.2 billion in net flows. The ranking was provided by Morningstar research analyst Lan Anh Tran via the data from the issuers’ websites.

GBTC had the Second Highest Outflows

It is also crucial to note that the Grayscale Bitcoin Trust (GBTC) had the second highest outflows among ETFs in January, with $5.7 billion estimated to have net exited the fund throughout the month.

“Never thought I’d see the day,” the president of investment advisory firm ETF Store, Nate Geraci, stated in a post on social media platform X, while sharing the data.

Two spot bitcoin ETFs among top 10 of *all* ETF inflows in January…

Never thought I'd see the day.

via @MorningstarInc pic.twitter.com/o7L5CEu5Ef

— Nate Geraci (@NateGeraci) February 3, 2024

‘Two-Horse Race’

Geraci noted that the spot Bitcoin ETFs from BlackRock and Fidelity are currently engaged in a “two-horse race,” adding that the other nine ETFs have yet to catch up. Notably, the joint ETF from ARK Invest and 21 Shares, along with the offering from Bitwise—both with assets under management shy of $650 million—were developing a strong “middle class.” 

Geraci predicted that the two would reach $1 billion in assets under management in the “not too distant future.” 

Six Days of Inflows in Spot Bitcoin ETFs

The report from Morningstar comes at a time when the US spot Bitcoin ETF industry recorded six straight days of net positive inflows totaling nearly $715 million. However, the majority of the inflows were recorded in BlackRock and Fidelity’s offerings, as pointed out by BitMEX.

Additionally, the six straight days of inflows come after four straight days of outflows from the spot Bitcoin ETFs between January 22 and 25, when GBTC outflows peaked. Grayscale recorded its second-lowest outflow day on February 2 at $144.6 million. 

As earlier reported by TheCoinRise, the adoption pace of spot Bitcoin ETFs has been slowed down by the due diligence processes of large trading platforms like LPL Financial Holdings, the largest independent broker-dealer in the United States.