Fidelity's FBTC spot Bitcoin ETF sets a record with a single-day

Indra55

CoinDesk reports: Fidelity's FBTC spot Bitcoin exchange-traded fund (ETF) set a single-day inflow record of $473.4 million on Thursday, nearly double the $244.2 million typically dominated by Belad's IBIT ETF. According to BitMEX Research data, FBTC's inflow yesterday was 17% higher than the record of $404.6 million set on Monday, surpassing the total net inflow of $472.6 million for all US spot Bitcoin ETFs on Thursday. However, FBTC's inflow volume still remains lower than IBIT's overall daily inflow record of $788 million set on Tuesday. ARK Invest 21Shares' ARKB ranked third yesterday with an inflow of $42.1 million, followed by Valkyrie's BRRR and Bitwise's BITB with inflows of $41.8 million and $41.4 million respectively. Since the launch of the ETF on January 11, the total net inflow is now close to $9.4 billion. Meanwhile, Grayscale's higher-fee converted GBTC fund saw an outflow of $374.8 million on Thursday, meaning that its total outflow has now exceeded $10 billion since the start of trading of US spot Bitcoin ETFs. The inflow of funds brings the assets managed by FBTC to approximately $8.3 billion, with total assets managed by US spot Bitcoin ETFs exceeding $54 billion. According to BitMEX Research data, the nine newly launched ETFs (excluding Grayscale's converted fund) currently manage nearly $27 billion in assets, with IBIT leading the way with assets under management of nearly $13 billion. As reported earlier by The Block, these nine newly launched ETFs are expected to surpass GBTC holdings today. Nate Geraci, president of ETF Store, said: "Crazy data... The total inflow into the nine new spot Bitcoin ETFs in the past two months has exceeded the total amount of inflows into all physical gold ETFs in the past five years." "Physical gold ETFs = nearly $100 billion in assets under management." With cumulative trading volume approaching $100 billion, daily trading volume for spot Bitcoin ETFs remains strong. On Thursday, trading volume on US spot Bitcoin exchanges remained robust, reaching $4.53 billion, the sixth largest trading day in volume so far. According to The Block's data dashboard, yesterday's trading was led by Belad's IBIT, generating $1.6 billion in trading volume, while Grayscale's GBTC and Fidelity's FBTC generated $1.3 billion and $1.1 billion respectively. The cumulative trading volume for all spot Bitcoin ETFs is currently approaching $100 billion, a milestone that may be reached later today. According to The Block's price page, the current trading price of Bitcoin BTC +0.97% is $67,252, up 1% in the past 24 hours. The largest cryptocurrency by market capitalization has risen 10% in the past week and over 50% in the past month. Meanwhile, the General Motors 30 Index, representing the top 30 cryptocurrencies, rose 3% in the past 24 hours to 149.58. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, providing objective, influential, and timely information about the cryptocurrency industry.

Yamini003

Is Fidelity more impressive than Belad?

Kahn332

The inflow is still very substantial.

Pooja193

Single-day inflows will set records.

Nimmi373

There is indeed a significant amount of inflow.