BlackRock’s Bitcoin Fund Dominates Wall Street in 2024 With Inflows of $3.19B

LUCKNOW (CoinChapter.com) — BlackRock’s Bitcoin exchange-traded fund (ETF) has been dominating Wall Street, bringing in over $3.19 billion worth of capital since launch, according to data from senior Bloomberg ETF analyst Eric Balchunas. This makes it one of the top-performing ETFs in the US so far this year. 

Specifically, BlackRock’s Bitcoin Fund ranks in the top 0.16% of the 3,109 ETFs currently trading in the US when measured by year-to-date inflows. The only ETFs with greater inflows are broad stock market index funds tracking the S&P 500 and Vanguard’s Total Stock Market ETF.

Balchunas notes that when compared against an estimated 10,000 ETFs globally, BlackRock’s Bitcoin Fund ranks around the top 0.02% of all United States-issued ETF products.

BlackRock and Fidelity Lead Bitcoin ETF Inflows

Fidelity’s spot Bitcoin ETF is another top performer, taking in around $2.51 billion in assets and placing 8th among all US ETFs. The BlackRock Bitcoin Fund and Fidelity Bitcoin fund have rapidly climbed the rankings since the end of January.

While other US ETF inflows are being counted from Jan. 1, the Bitcoin ETFs only received regulatory approval on Jan. 11. This means they launched at a significant disadvantage, making their rapid ascent even more impressive. 

According to BitMEX Research, a widening gap has emerged between the BlackRock and Fidelity funds against the other seven approved ETFs regarding asset inflows. 

Furthermore, ARK 21Shares and Bitwise rank 3rd and 4th among Bitcoin ETFs with around $683 million and $664 million in inflows, respectively.

Two other funds have seen significant inflows into their spot Bitcoin ETF products: Invesco Galaxy and Valkyrie. Both have attracted over $100 million each since their debut in January.

Conversely, WisdomTree has struggled considerably, recording over $11.1 million in total inflows since its launch, far less than any other spot Bitcoin ETF on the market. 

In total, around $1.5 trillion has flowed into the ten spot Bitcoin ETFs since mid-January. 

Grayscale’s GBTC Faces Continued Outflows

At the same time, assets under management for the Grayscale continue to decline.

According to data from BitMEX Research and Bloomberg analyst James Seyffart, GBTC saw $73 million in net outflows on Febr. 6 — the sixth consecutive day of declining outflows. This represents an 88% drop compared to Jan. 22, when a record $640 million exited the recently converted Grayscale fund.

For at least the past seven days, inflows into competing spot Bitcoin ETFs have outpaced the outflows from GBTC. This suggests investors are still more comfortable putting their money into regulated products like BlackRock’s fund versus the converted Grayscale trust.