BlackRock’s Sp...

BlackRock’s Spot Bitcoin ETF, IBIT, Enters the Global Top 5 ETFs

By Jody McDonald February 08, 2024 In Bitcoin, Blackrock, Cryptocurrency

BlackRock’s Bitcoin spot ETF has ranked number three globally for 2024 year-to-date capital inflows, placing it above 99.98% of all ETFs.
Fidelity’s Bitcoin spot ETF was also in the top 10, coming in eighth overall.
There are reports Fidelity may add its Bitcoin ETF into some of its Canadian all-purpose ETFs.

Analysis from Bloomberg’s Senior ETF analyst, Eric Balchunas, has found BlackRock’s Bitcoin spot exchange-traded fund (ETF)—iShares Bitcoin Trust (IBIT)—is one of the top five ETFs globally as measured by 2024 year-to-date capital inflows.

To put this into perspective, this means that more money has flowed into IBIT so far in 2024 than 99.98% of all other ETFs globally.

The first tranche of Bitcoin spot ETFs launched in January have generally seen strong growth after their somewhat rocky start, which saw Bitcoin’s price plunge in the immediate wake of their launch, falling from over US$48,000 (AU$73,000) to under US$39,000 (AU$59,000) briefly. BTC’s price has since rallied and at the time of writing it was changing hands at just over US$44,000 (AU$67,000) according to CoinGecko.

IBIT Inflows Rivals Large Index ETFs, Other Bitcoin ETFs Also Doing Well

Data shared by Balchunas on social media site X shows that IBIT has seen just over US$3.2 billion (AU$4.9 billion) of inflows so far this year.

Also $IBIT now in Top 5 in YTD flows, which means it's taken in more cash than 99.98% of ETFs. Not bad for 17 days old. pic.twitter.com/ehAsZWRoqK
— Eric Balchunas (@EricBalchunas) February 6, 2024

His data also reveals only two funds have seen larger inflows, and both are large, well established index ETFs: iShares Core S&P 500 (IVV) with just over US$13 billion (AU$19.9 billion); and Vanguard S&P 500 ETF (VOO) with a little over US$11 billion (AU$16.8 billion).

A second Bitcoin spot ETF has also made the top ten list—Fidelity’s Wise Origin Bitcoin Fund (FBTC) comes in at eighth with US$2.7 billion (AU$4.1 billion) of year-to-date inflows.

Fidelity Add BTC To General ETF

A recent move could see Fidelity’s fund rise higher in the list. An X post from CIO of Bitwise Investor, Matt Hougan, claims Fidelity has added its Bitcoin ETF, FBTC, to its range of managed ‘All-In-One’ ETF products in Canada.

Fidelity’s ’All-In-One’ ETFs give their clients exposure to a broad range of asset classes and are available in three different risk profiles: conservative, balanced and aggressive. Hougan says FBTC makes up 1% of the conservative fund, 2.5% of the balanced fund and 3.1% fund.