In the latest financial headlines, BlackRock And Fidelity Bitcoin ETFs have made waves by achieving top 10 positions in January flows, signaling a notable surge in investor interest in cryptocurrency-related financial instruments. Simultaneously, FTX is pursuing court approval for the accelerated sale of 8% Anthropic shares. This move reflects the company’s strategic maneuvers in the market.
BlackRock and Fidelity Bitcoin ETFs reach top 10 in January flows
BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin ETF landed eighth and tenth place among all ETFs in January by largest flows.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin ETF (FBTC) have recorded substantial flows in January, amounting to around $4.8 billion.
IBIT secured the eighth position with an estimated $2.6 billion in net flows, while FBTC claimed the tenth spot with $2.2 billion in net flows, as reported in a February 3rd report by Morningstar research analyst Lan Anh Tran, using data approximated from the issuers’ websites.
Contrastingly, the Grayscale Bitcoin Trust (GBTC) experienced the second-highest outflows among ETFs in January, with an estimated $5.7 billion exiting the fund during the month.
Nate Geraci, the president of investment advisory firm ETF Store, expressed surprise at the developments, stating, “Never thought I’d see the day,” in an X post 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
In a separate X post, Nate Geraci mentioned that BlackRock and Fidelity’s funds are engaged in a “clear two-horse race” among the nine new Bitcoin funds. He noted that the joint ETF from ARK Invest and 21 Shares, as well as Bitwise’s funds—both with assets under management below $650 million—were emerging as a “strong middle class,” predicting they would reach $1 billion in assets in the “not too distant future.”
Morningstar’s report coincided with U.S. spot Bitcoin ETFs experiencing six consecutive days of net positive inflows, totaling nearly $715 million. The majority of these inflows were attributed to BlackRock and Fidelity’s funds, according to data posted to X on Feb. 3 by BitMEX Research.
During the trading days from Jan. 26 to Feb. 2, flows into the nine new spot Bitcoin funds surpassed the ongoing outflows from Grayscale’s, which slowed over the week. Grayscale Bitcoin Trust (GBTC) had its second-lowest outflow day on Feb. 2 at $144.6 million.
Bitcoin Spot ETF Flow data
Up to 2nd Feb 2024 pic.twitter.com/gN2GKLedxn
— BitMEX Research (@BitMEXResearch) February 3, 2024
The six-day streak of inflows into U.S. spot Bitcoin ETFs followed four days of outflows between January 22 and 25, during which GBTC outflows peaked, resulting in a net outflow of $431.8 million across the ten ETFs.
Bloomberg senior ETF analyst Eric Balchunas noted in a February 3 X post that it was remarkable to see the nine ETFs, excluding GBTC, “comeback from that dip last week.” He commented that typically, there’s a slow decline after a big-hyped launch, and the net inflows into the funds during their third week of trading demonstrate that these ETFs have staying power.
FTX Seeks Court Approval for Expedited Sale of 8% Anthropic Shares
