News - Bitcoin ETFs have best trading start in 30 years

By Mike Hesp

Bitcoin ETFs have best trading start in 30 years

Bitcoin (BTC)
Price update

Bitcoin ETFs are causing a furor on Wall Street. BlackRock and Fidelity are even setting new records. What do their numbers tell us?

Bitcoin exceeds $47,000, while the Bitcoin ETFs from BlackRock and Fidelity posted their best ETF-their debut in 30 years. Of the 5,535 ETFs launched in the U.S. during this period, only these two acquired more than $3 billion in assets in the first month.

Bloomberg ETF analyst Eric Balchunas finds this especially impressive because most of the other ETFs in the top list were so-called "bring your own assets" ETFs. This means that in these cases, a large investor was behind the total assets under management of the exchange-traded index funds.

By contrast, BlackRock and Fidelity's Bitcoin ETFs have recorded new inflows every trading day since their launch. Before its January launch, BlackRock's "iShares Climate Conscious & Transition MSCI USA ETF," launched last summer, led the way with $2.2 billion.

The ARK 21Shares Spot Bitcoin ETF and the Bitwise Bitcoin Fund also made the top 25, landing in 20th and 22nd place, respectively. The ProShares Bitcoin Strategy ETF, launched as a futures product in October 2021, landed in seventh place on the list.

ETFs that converted, such as Grayscale's Bitcoin Trust (GBTC), were filtered out of Bloomberg Intelligence's data. Grayscale's huge outflow is seen as a major factor in the successful performance of other, often much cheaper Bitcoin ETFs.

On Feb. 5, GBTC had a outflows totaling $6 billion, but this was more than offset by the 10 Bitcoin ETFs launched in the US in January. These have already collected BTC worth more than $7.7 billion for their clients.

In terms of capital inflows, IBIT (BlackRock) and FBTC (Fidelity) even managed to keep pace with some of the largest ETFs in the world. The iShares Bitcoin Trust ETF saw inflows totaling $3.9 billion, ranking 5th, while the Fidelity Bitcoin ETF followed in 8th place with $2.51 billion.

Following the adoption of the ETF, the BTC price dropped significantly and temporarily reached $38,000. At the time of writing, however, the BTC price is trading significantly higher again at $47,475.

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