Fidelity's Bitcoin ETF Bucks The Trend With $208 Million Surge Amid GBTC Outflow

With the competition intensifying for spot Bitcoin exchange-traded funds (ETFs) in the U.S., Fidelity Investments' BTC ETF, known as the Fidelity Wise Origin Bitcoin Fund (FBTC), notched an impressive milestone with a substantial $208 million inflow.

Notably, this inflow effectively counterbalanced the outflows observed in Grayscale Investments' GBTC on the very same trading day.

On Monday, Fidelity's FBTC attracted a substantial $208 million in inflows, contrasting with the $192 million in outflows witnessed by GBTC, which represented the lowest daily outflow rate since its relaunch as a spot Bitcoin ETF, data from Farside Investors showed.

The recent outflows from GBTC have marked a substantial decline, with a nearly 25% reduction from the $255 million recorded on Jan. 26, and a significant 70% drop from the fund's peak daily outflows, reaching $641 million on Jan. 22.

In contrast, FBTC has consistently experienced an uptick in inflows since its debut on U.S. exchanges, following the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). It has consistently ranked second in terms of inflow and net flow over the past 12 days, trailing behind BlackRock's IBIT.

In an extraordinary achievement, IBIT reached a significant milestone by surpassing the $2 billion assets under management (AUM) threshold on its 10th day of trading on U.S. exchanges. This accomplishment solidifies its position as the unquestionable leader within the newly approved investment trust category.

Notably, data provided by Bloomberg Intelligence ETF analyst James Seyffart revealed the total flows within spot Bitcoin ETFs on Monday.

The nine Bitcoin ETFs collectively achieved a combined volume of $994.1 million, nearly doubling the flow observed in GBTC at $570 million.

On the 12th trading day, GBTC outpaced BlackRock's iShares Bitcoin Trust (IBIT) in terms of inflow, with IBIT recording $110 million.

Seyffart highlighted that on the 12th trading day, "GBTC maintains its liquidity crown — trading $570 million, approximately $110 million more than second-place IBIT today."

As of 4:25 a.m. ET on Monday, Bitcoin was actively trading at a price of $43,390.20, with a 24-hour trading volume amounting to $22,710,736,676.

This represented a 2.37% increase within the day and an impressive 11.11% gain over the past seven days.

Data from CoinMarketCap indicated that Bitcoin's circulating supply stood at 19,613,037 BTC, with a market capitalization of $850,736,328,295, firmly maintaining its position as the world's largest cryptocurrency by market capitalization.