The recently approved spot Bitcoin exchange-traded fund (ETF) has gathered substantial momentum in its first six days of trading, accumulating a total of 95,000 Bitcoins and nearing $4 billion in assets under management (AUM). According to data from Eric Balchunas, a senior ETF analyst at Bloomberg, the inflows into the new ETF have surpassed outflows from the Grayscale Bitcoin Trust (GBTC), which experienced a $2.8 billion decline in AUM during the same period.
Fidelity's Bitcoin ETF (FBTC) and BlackRock's iShares Bitcoin Trust (IBIT) both attracted inflows exceeding $1.2 billion. Although FBTC saw slightly higher inflows, IBIT currently boasts a higher AUM at $1.4 billion, while Fidelity's AUM is nearly $1.3 billion. Invesco ETF ranked third, experiencing consistent growth, with more than $63 million in inflows on its best day on January 19, although its total AUM has yet to surpass the $200 million mark. VanEck's ETF also achieved its highest daily inflows on Friday, bringing its total AUM to over $100 million.
On the ETF's fifth trading day, it garnered a total of $440 million in Bitcoin from investors, as reported by data from the X (formerly Twitter) account CC15Capital on January 17. BlackRock's IBIT leads the pack with 8,700 BTC, valued at nearly $358 million. The data reveals that nine ETFs, excluding Grayscale, have collectively purchased almost 68,500 BTC, equivalent to approximately $2.8 billion, since their inception.
On January 18, Balchunas shared data indicating that the "nascent nine," referring to the new spot Bitcoin ETF excluding GBTC, witnessed a 34% increase in daily trading volume by the fifth day of trading. The rapid adoption and positive response from investors suggest a strong demand for spot Bitcoin ETFs as an investment vehicle.
