Fidelity’s Bitcoin ETF FBTC dominates the market with $221 million in single-day inflows, contributing to over $9.5 billion in AUM.
Spot Bitcoin ETFs in the United States have resumed large inflows, as the Bitcoin price has just risen beyond $71,000.
Fidelity’s FBTC continued to dominate the market, with the total Bitcoin ETF inflows at nearly $500 million on Wednesday.
Fidelity Bitcoin ETF FBTC On the Rise
Fidelity’s FBTC has recently surpassed BlackRock in terms of spot Bitcoin ETF inflows.
The Fidelity Bitcoin ETF FBTC experienced $220 million in inflows on Wednesday, June 5, bringing the total for the past two days to nearly $600 million.
As a result, the total assets under management for FBTC have exceeded $9.5 billion.
In terms of assets under management for its spot Bitcoin ETFs, Fidelity continues to be the immediate competitor of BlackRock.
Although there are currently inflows, BlackRock’s IBIT is still twice the size of Fidelity FBTC.
This was the 17th consecutive day of positive inflows for Bitcoin spot ETFs, as they experienced a substantial net inflow of $488 million on June 5.
Meanwhile, the previous day, this figure was a colossal $887 million.
Fidelity’s ETF FBTC reported a $221 million single-day inflow on Wednesday, while Grayscale’s ETF GBTC attracted $14.58 million and BlackRock’s ETF IBIT attracted $155 million.
However, the cumulative net inflow for Bitcoin spot ETFs has now exceeded $15.338 billion.
For context, the total purchase of BTC by spot Bitcoin ETFs was 27 times the daily Bitcoins mined.
Institutional Demand to Rise
The CEO of Franklin Templeton commented on the growing adoption of Bitcoin ETFs, stating, “This is really the first wave of the early adopters. The next wave is the much bigger institutions.”
Jenny Jhonson, the CEO, underscored that the current euphoric sentiment is still underestimating the potential influx of larger institutional investors into the Bitcoin ETF market.
In addition, the Franlink Bitcoin ETF currently has over $420 million in AUM, which is relatively modest in comparison to other major players.
