Fidelity’s FBTC Beats Grayscale’s GBTC in This Negative Trend

Since mid-January, when the 11 Bitcoin ETFs saw the light of day, Grayscale-converted GBTC has been at the forefront of outflows. This eventually led to it losing its crown as the world's largest exchange-traded fund tracking the performance of BTC.

However, in the last two trading days of this week, things changed, and this negative prize went to Fidelity's FBTC.

Data From FarSide showing total outflows for the week, four of the five trading days were in the red. In total, the 11 ETFs saw withdrawals of $64.9 million on Monday, $200.4 million on Tuesday, $226.2 million on Thursday, and $189.9 million on Friday. The only exception was June 12, when inflows amounted to $100.8 million.

What is especially noteworthy is that Gracayle's GBTC, which has seen over $18 billion in outflows since its conversion, has not been on top for two consecutive days – Thursday and Friday. GBTC saw withdrawals of $61.5 million and $52.3 million on Thursday and Friday, respectively.

Meanwhile, outflows from Fidelity's FBTC rose to $106.4 million on Thursday and $80.1 million on Friday. As such, this is the first time ever that another institutional investor has received such a negative award from Grayscale's GBTC for two consecutive days.

Somewhat predictably, net outflows of over $550 million within a week from all ETFs hurt Bitcoin price movements.

The asset was heavily impacted by US CPI data and the subsequent FOMC meeting, both held mid-week, but regained much of its ground and challenged $70,000.

However, it failed there and fell to $66,000 on Friday evening, which became its lowest price in a month. This only highlights the effects of the ETF on the price movements of the underlying assets.

Before June 10, ETFs were on a month-long streak of consecutive days of inflows, sending prices soaring from about $60,000 to about $72,000.