Bitwise, Fidelity See Biggest Bitcoin ETF Inflow, Grayscale Loses Only $95M in Early Tally

Initial
data
shows
Bitwise’s
bitcoin
ETF
(BITB)
saw
the
biggest
inflow
of
cash
among
the
newly
issued
products
that
began
trading
Thursday,
followed
by
Fidelity’s
fund
(FBTC),
according
to
a
BitMex
Research

X
post
citing
Bloomberg
data.

Most
issuers
shared
only
preliminary
data
about
inflows
until
Friday’s
market
opening
and
there
might
be
further
delays
until
Friday
evening,
Eric
Balchunas,
ETF
analyst
at
Bloomberg
Intelligence,
noted
in
an

X
post.
James
Butterfill,
head
of
research
at
digital
asset
manager
CoinShares,
said
in
an
email
that
the
full
picture
might
not
materialize
until
early
next
week.

For
full
coverage
of
bitcoin
ETFs,
click



here.

Bitwise’s
BITB
hauled
in
$238
million
in
net
assets
on
the
first
day.
Fidelity’s
FBTC
received
$227
million.

Grayscale’s
GBTC,
which
operated
as
a
closed-end
fund
without
allowing
redemptions
until
Thursday,
saw
$95
million
in
outflows,
less
than
some
observers
anticipated.

BlackRock’s
IBIT,
widely
expected
to
be

a
–
if
not

the
–
top
contender
among
the
newly
issued
ETFs
given
the
asset
manager’s
clout
and
size,
attracted
$110
million
of
inflows.
On
Thursday,
it
had
the
second-highest

first-day
trading
volume
among
bitcoin
ETFs.
However,
IBIT
held
$120
million
in
bitcoin

(BTC)
with
an
additional
$112
million
in
cash
as
of
Thursday,
according
to
the

fund’s
website.
Balchunas

noted
that
part
of
Thursday’s
inflow
might
appear
in
Friday’s
data.

Spot
bitcoin
ETFs
concluded
a
massive
first
day
in
trading
volume,

recording
$4.6
billion
daily
volume
combined
with
Grayscale’s
GBTC
and
BlackRock’s
IBIT
leading,
according
to
data
posted
on
X
by
Bloomberg
Intelligence
analyst
James
Seyffart.

“Easily
the
biggest
Day
One
splash
in
ETF
history,”
Eric
Balchunas,
ETF
analyst
at
Bloomberg
Intelligence,
commented
in
an
X
post.

In
comparison,
ProShares’
futures-based
bitcoin
ETF
(BITO)
hauled
in
$570
million
inflows
with
$1
billion
trading
volume
on
its
first
day
in
October
2021,
launched
near
the
crypto
bull
market
top.

BITO
experienced
outflows
of
3,000
BTC
worth
roughly
$140
million
on
Thursday
as
investors
likely
moved
some
funds
to
more
user-friendly
spot-based
ETFs,
but
the
fund’s
assets
were
still
up
through
this
week,
K33
Research
data
shared
with
CoinDesk.

Thursday’s
debut
of
spot
bitcoin
ETFs
was
widely
seen
as
a
significant
milestone
for
the
digital
asset
industry
as
they
offer
exposure
to
the
largest
and
oldest
cryptocurrency
in
a
format
more
easily
accessed
through
conventional
financial
channels,
making
it
easier
for
mainstream
investors
to
invest
in
bitcoin.

Industry
watchers
were
expecting
billions
of
dollars
of
new
money
finding
a
way
to
bitcoin
through
these
products
over
time.
Standard
Chartered
analysts

forecasted
that
spot
ETFs
may
see
$50
billion
to
$100
billion
inflows
this
year.

UPDATE
(Jan.
12,
2024,
17:45
UTC):

Adds
data
about
Grayscale’s
GBTC
outflows.