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Bitcoin ETF snapshot: Grayscale Bitcoin Trust records new gains, Fidelity leads daily Bitcoin ETF inflows

Fidelity's Bitcoin ETF led with $99 million in today's inflows.

Bitcoin ETF snapshot: Grayscale Bitcoin Trust records new gains, Fidelity leads daily Bitcoin ETF inflows

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In Monday’s trading session, Grayscale’s spot Bitcoin exchange-traded fund, Grayscale Bitcoin Trust (GBTC), saw $3.9 million in net inflows, according to data from Farside Investors. Leading the charge, Fidelity’s Wise Origin Bitcoin Fund (FBTC) reported substantial inflows of around $99 million, surpassing BlackRock’s iShares Bitcoin Trust (IBIT), which saw inflows of around $21.5 million.

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This is not the first instance of Fidelity outperforming BlackRock in daily Bitcoin ETF inflows. The most significant difference was observed last Friday, with FBTC’s inflows exceeding $102 million compared to IBIT’s $13 million.

But the spotlight is on GBTC. Last Friday, for the first time since conversion, the fund attracted $63 million in inflows, ending its prolonged outflow streak.

Despite the influx, Nate Geraci, president of The ETF Store, expressed skepticism regarding its sustainability.

“It’s difficult to discern what might be behind the flows into GBTC,” Geraci commented. “ETF buyers are an extremely diverse group with varying motivations. That said, I would be surprised if the inflows become a trend.”

The high fee of 1.5% charged by GBTC has been cited as a reason for the fund’s asset outflow. The rate is notably higher than its ten competitors in the US market.

Additionally, the liquidation of holdings by bankrupt lender Genesis has contributed to the decline in GBTC’s assets.

Nevertheless, Grayscale maintains the lead in assets under management within the category, with GBTC managing approximately $17.4 billion, while IBIT is a close second at about $15.4 billion.

Overall, US spot Bitcoin ETFs enjoyed a day of net inflows, totaling $217 million.

Despite the positive movement in spot Bitcoin ETFs, Bitcoin’s price did not exhibit a corresponding increase. Historically, Bitcoin prices have risen with significant ETF inflows. However, at the time of reporting, Bitcoin’s price hovered around $63,400, showing a 1.5% decrease over the past 24 hours, according to CoinGecko.

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