Here’s How Much Spot Bitcoin ETFs Have Contributed to BlackRock and Fidelity’s 2024 Inflows

BlackRock and Fidelity's bitcoin exchange-traded funds (ETFs) have emerged as major contributors to the company's total ETF flows this year.

According to data from Bloomberg Intelligence, these Bitcoin ETFs accounted for 26% and 56% of BlackRock and Fidelity's year-to-date inflows, respectively.

Bitcoin ETF data

BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) have together attracted significant investments since their launch nearly five months ago.

According to investor Farside DataIBIT saw inflows of $16.6 billion, with FBTC taking in $8.9 billion. Despite these numbers, Vanguard, which does not offer any bitcoin ETFs, remains the leader in total ETF flows for 2024, raising $102.8 billion, surpassing BlackRock's $65.1 billion.

To those who ask, $ go It represents 26% of BlackRock's flows and 56% of Fidelity's flows, so yes, it will certainly make an impact on the leaderboard.

– Eric Balchunas (@EricBalchunas) June 3, 2024

BlackRock remains the largest provider of ETFs in the US stock market, with 433 ETFs included And $2.8 trillion in assets under management, while Fidelity He carries 11th place with 70 ETFs and $74.04 billion in assets.

In recent weeks, the flow of investments in these products has stabilized, with many exporters seeing days of zero inflows and outflows. For example, the Franklin Bitcoin ETF (EZBC) has not reported any activity since May 16, according to Farside Investors.

Despite this, the overall market for spot Bitcoin ETFs hit a major milestone on May 24, with all ETFs combined holding more than 1 million Bitcoin, most of it allocated to US products out of the 32 ETFs available.

BlackRock's IBIT exceeds GBTC for grayscale

Meanwhile, BlackRock's IBIT recently Transgression Grayscale Bitcoin Trust (GBTC) was named the world's largest spot Bitcoin ETF on May 28. According to Apollo Bitcoin TRACKER, IBIT now holds 291,567 BTC, worth over $20 billion at current prices.

Grayscale, which initially led the market with 620,000 BTC, has seen significant outflows and currently holds 285,139 BTC, worth approximately $19.6 billion.

According to CFRA's Aniket Ullal, BlackRock's increasing dominance of the spot Bitcoin ETF market shows that being the first mover does not guarantee long-term success.

Early players like Grayscale faced challenges such as selling pressure and high fees of 1.5%, compared to about 0.25% charged by newer competitors like Fidelity and ARK Investments. ETF Shop's Nate Geraci asserted that Grayscale's high fees deter advisors and investors.

Ullal also noted that BlackRock's success is due in part to its strong distribution network among financial advisors and wealth managers.