Although the investment vehicles have traded for a mere 50 days, Spot Bitcoin ETFs have already become BlackRock and Fidelity’s most popular funds. Indeed, Bloomberg Analyst Erich Balchunas took to X (formerly Twitter) to share some interesting facts about the two products.
Specifically, Balchunas notes that the asset managers IBIT and FBTC Bitcoin ETFs account for more than half of their year-to-date flows. Launching on January 11th after gaining regulatory approval, the investment products have been on a record-setting pace in their short existence thus far.
Also Read: BlackRock Says Bitcoin (BTC) is Crucial to the Financial System
Spot Bitcoin ETFs Are Proving to be Most Popular Funds for BlackRock, Fidelity
At the start of 2024, the digital asset market received a massive surge in mainstream attention following the US Securities and Exchange Commission (SEC) approval of Spot Bitcoin ETFs. These products catapulted Bitcoin to another stratosphere, proven by its ascension to $73,000 all-time high price this month.
Yet, that popularity has proven mutually beneficial for the asset and the issuers. Specifically, data shows that those Spot Bitcoin ETFs are already both BlackRock and Fidelity’s most favored investment funds. Indeed, Bloomberg’s Balchunas discussed their growing popularity in a recent post.
Also Read: Spot Bitcoin ETFs Reach $700M Inflows: BlackRock, Fidelity Offset GBTC
Balchunas noted it was “pretty wild” that BlackRock’s IBIT accounts for more than half of its net flows on the year. Moreover, he noted that the product has “taken in double an of their other 420 ETFs.” Additionally, Fidelity’s FBTC notes a bigger impact from the offering.
Balchunas notes that their BTC ETF accounts for “70% of Fidelity’s YTD [year-to-date] flows and 5x more than any other of their ETFs.” Altogether, the data shows that for these mammoth asset management firms, Bitcoin has undoubtedly proven popular among investors.
Although that is certainly surprising, it is understandable considering the record-setting pace that the investment products have been on since receiving approval. In a previous post, Balchunas noted that both BlackRock and Fidelity have “taken cash for 49 straight days, something only 30 other ETFs have ever done” while noting none of them did it to start their existence.
