Fidelity’s Spot Bitcoin ETF Second to Hit Over $1B Inflows

The Fidelity Wise Origin Bitcoin Fund (FBTC) has become the second spot Bitcoin ETF to hit over $1 billion in inflows following five days of trading.

Fidelity's FBTC received $874 million in inflows up to January 17, just a few days after BlackRock's iShares Bitcoin Trust (IBIT), the first of the recently authorized BTC ETFs, reached the $1 billion assets under management milestone.

According to preliminary figures published by BitMEX Research on their X page on January 19, Fidelity's total inflows on the fifth trading day exceeded $1 billion, placing it second only to BlackRock's $1.2 billion.

This development highlights the growing investor interest in Bitcoin (BTC) and related products, marking a crucial milestone in the cryptocurrency investment.

The competitive character of the market is demonstrated by Fidelity's accomplishment, which puts it ahead of Bitwise's BITB fund, which reported $395 million in inflows.

Other spot Bitcoin ETFs that have performed well since trading started on January 11 are BTCO from Invesco and ARK 21Shares, which have received $320 million and $194 million in inflows, respectively.

On the fifth day of trading, the market as a whole saw a significant outflow, amounting to $131 million across all spot Bitcoin ETFs, despite the stellar start.

Since the funds' inception, this was the largest outflow recorded. The $2.2 billion in outflows from Grayscale, in particular, highlight how erratic the Bitcoin market can be.