March 27, 2024
BlackRock's Bitcoin ETF Among Top Performers in 2024
Bitcoin ETF

BlackRock’s Bitcoin ETF Among Top Performers in 2024

BlackRock’s iShares Bitcoin Trust ETF has become one of the top-performing ETFs in the United States, ranking in the top 0.16% of all U.S.-issued ETFs. As of February 5, the spot Bitcoin ETF has attracted over $3.19 billion in inflows, making it second only to broad index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF. This remarkable performance places BlackRock’s ETF in the top echelon, considering there are currently 3,109 ETFs trading in the United States.

According to senior Bloomberg ETF analyst Eric Balchunas, the BlackRock ETF’s ranking is approximately 0.16%, while another calculation estimates it at 0.02%, considering about 10,000 ETFs globally. Fidelity’s Bitcoin Fund also stands out with $2.51 billion in assets, securing the eighth position among U.S.-based ETFs.

It’s important to note that while the total flows of other U.S. ETFs are tallied from January 1, 2024, spot Bitcoin ETF products were only approved for trading on January 11. This means that Bitcoin ETFs are at a seven-trading-day disadvantage compared to other products.

BitMEX Research data highlights a growing gap between BlackRock and Fidelity’s spot Bitcoin ETFs against seven other spot Bitcoin ETFs (excluding Grayscale) in terms of inflows. ARK 21Shares and Bitwise claim the third and fourth positions among spot Bitcoin ETFs, accumulating $683.7 million and $663.6 million, respectively.

Invesco Galaxy and Valkyrie are among the Bitcoin ETF issuers with over $100 million in total flow, while WisdomTree lags with only $11.1 million. As of the latest update, net flows into all 10 spot Bitcoin ETFs have reached approximately $1.5 billion since the commencement of trading.

Meanwhile, Grayscale’s converted spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC), has experienced its sixth consecutive day of diminishing outflows, totaling $73 million on February 6. This represents a significant decline from Grayscale’s worst day of outflows on January 22, which saw $640 million exit the newly converted ETF.

The robust performance of BlackRock’s and Fidelity’s Bitcoin ETFs and the sustained outflows from Grayscale’s GBTC indicate a shifting landscape in the market for Bitcoin-related investment products. Investors increasingly favor spot Bitcoin ETFs over the more traditional GBTC structure, signaling a growing preference for direct exposure to Bitcoin through exchange-traded funds.

Image by Freepik

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