BlackRock's iShares Bitcoin Trust exchange-traded fund (ETF) has demonstrated remarkable performance, ranking among the top 0.16% of all issued U.S. ETFs. According to data from Bloomberg ETF senior analyst Eric Balchunas on February 5, spot Bitcoin ETF inflows have surged to $3.19 billion, trailing only broad index funds tracking the S&P 500 and Vanguard Group's total stock market ETFs. Balchunas noted that BlackRock's ETF stands out in its exceptional performance compared to the 3,109 ETFs currently trading in the United States.
Fidelity's Bitcoin fund has also emerged as a top performer, securing the eighth position among U.S. ETF products with $2.51 billion in assets. Both BlackRock and Fidelity Bitcoin ETFs have steadily climbed the rankings, holding the eighth and 10th spots, respectively, by the end of January. However, it's important to consider that while the total flows of other U.S. ETFs are calculated from January 1, 2024, the spot Bitcoin ETF commenced trading only on January 11. Consequently, the Bitcoin ETF faces a 7-trading-day delay compared to other products.
Data from BitMEX Research on February 5 reveals a notable discrepancy in inflows between BlackRock and Fidelity's spot Bitcoin ETFs and seven other spot Bitcoin ETFs (excluding Grayscale). ARK 21Shares and Bitwise rank third and fourth among spot Bitcoin ETFs, with cumulative flows amounting to $683.7 million and $663.6 million, respectively. Invesco Galaxy and Valkyrie are two other significant Bitcoin ETF issuers with combined flows exceeding $100 million, while WisdomTree lags behind with $11.1 million.
As of the latest data, net flows into all 10 spot Bitcoin ETFs since their inception of trading have reached approximately $1.5 billion. Meanwhile, outflows from Grayscale's converted spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC), have declined for the sixth consecutive day to $73 million on February 6, according to BitMEX Research and Bloomberg ETF analyst James Seyffart. The inflows to other Bitcoin ETF issuers have consistently surpassed outflows from Grayscale's GBTC for at least seven consecutive days, indicating a shifting investor preference towards spot Bitcoin ETFs over traditional offerings.
