Exchange-traded funds (ETFs) from BlackRock and Fidelity accounted for a significant portion of issuers’ total ETF flows this year.
Bitcoin ETFs account for 26% and 56% of year-to-date inflows to BlackRock and Fidelity, respectively, according to Bloomberg ETF analyst Eric Balchunas, citing Bloomberg Intelligence data.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) have seen inflows of $16.6 billion and $8.9 billion since their launch about five months ago, data shows from Farside Investor.
However, Vanguard, which does not offer any Bitcoin ETFs, is well ahead with total ETF flows of $102.8 billion so far in 2024, edging out BlackRock with $65.1 billion.
BlackRock currently lists 429 ETFs holding a total of $2.8 trillion in assets under management, according to data from Equity Analysis. Fidelity, on the other hand, lists only 70 ETFs with $74 billion in assets under management.
Meanwhile, Invesco has seen $34.7 billion in ETF flows this year, although only 0.9% of the total has come from its Bitcoin ETF, which has seen total flows of $317.3 million for the first five months of the year.
BlackRock’s IBIT recently surpassed Grayscale Bitcoin Trust (GBTC) as the world’s largest Bitcoin ETF on May 28. IBIT now owns 291,567 BTC, worth just over $20 billion at current prices, according to Apollo Bitcoin Tracker.
Grayscale initially had 620,000 BTC when GBTC was converted to spot form. However, he has seen massive outflows since then and now only owns 285,139 BTC, worth around $19.6 billion at current prices.
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Bitcoin ETF flows have stabilized somewhat recently, with several ETF issuers experiencing days of no inflows or outflows in recent weeks.
For example, the Franklin Bitcoin ETF (EZBC) has not seen any inflows or outflows since May 16, according to Farside Investors.
Bitcoin investment products, excluding Grayscale, currently see an average of $141.7 million in inflows each trading day, consisting primarily of IBIT, FBTC, and to a lesser extent, 21Shares ARK Bitcoin ETF (ARKB).
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