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Bitcoin spot ETFs recorded $400 million of net inflows on Thursday, bringing their total inflows since launch beyond $2 billion for the first time.
The inflows were coupled by a surge in Bitcoin’s price late this week, taking it to $48,000 as of Friday.
Bitcoin ETF Inflows Outpacing Grayscale
In terms of daily flows, Thursday was the third best day yet for Bitcoin ETFs since going live on January 11. Their best performance remains the day of launch when they raked in $655 million in total, followed by January 17 when they absorbed $453 million.
These figures include flows from the Grayscale Bitcoin Trust (GBTC) – the existing fund that converted into a spot ETF last month. Since the fund’s 1.5% management fee is considerably higher than its competitors, the fund has suffered $6.3 billion of outflows since conversion, without a single day of inflows since that time.
That said, its outflows have slowed considerably in recent weeks, from ~$500 million per day three weeks ago to ~$100 million per day this month.
On Thursday, the fund suffered $101.6 million in outflows. By contrast, with the exception of Franklin Templeton, eight out of nine funds managed by rivals were net gainers on Thursday, absorbing $506.7 million in total.
BlackRock And Fidelity’s Massive Flows
Most of those flows went to the top two newcomers, BlackRock and Fidelity, whose funds absorbed $204.1 million and $128.3 million respectively. The tallied an impressive daily volume of $480.3 million, trumping Grayscale’s $371.8 million figure.
“Normally it takes 5-10 years for a newborn to get even close to toppling a category’s liquidity king(s),” said Bloomberg ETF analyst Eric Balchunas about BlackRock’s ETF volume overcoming Grayscale’s. “They’ll all go back and forth for a bit each day but over time the gap will grow.”
Opposite Grayscale, both BlackRock and Fidelity still carry a flawless streak of daily inflows over their first month of activity. In fact, both funds have broken the record for the most assets any newborn ETF has ever recorded in their first 30 days live – and they still have two days to go.
Two other Bitcoin ETFs launched by Bitwise and Ark Invest also cracked the top 25.
By the end of the year, Bloomberg’s James Seyffart said he’d “likely take the over” on new Bitcoin ETFs surpassing $10 billion in total assets.
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