Fidelity’s Bitcoin ETF Achieves Record BTC Daily Inflows — Beats Gold

YEREVAN (CoinChapter.com) — Fresh capital is making its way back into US spot Bitcoin ETFs after a five-day streak of net outflows.

Is the Tide Turning for Bitcoin ETFs?

On March 26, the ten recently approved spot Bitcoin ETFs experienced a combined net inflow of $418 million, with Blackrock and Fidelity leading the influx, according to Farside Investors.

Fidelity’s fund hit a daily inflow high of $279.1 million, the highest since March 13. That is the second consecutive day wherein the firm has attracted over $260 million in inflows.

BlackRock’s fund attracted $162.2 million on March 27. However, that is still below the firm’s earlier monthly average of $300 million a day. Akin to Fidelity, the Ark 21Shares Bitcoin ETF celebrated its best daily inflow since March 12, attracting $73.6 million. Invesco Galaxy, Franklin Templeton, and Valkyrie weren’t far behind, witnessing $26 million inflows into their ETFs.

On the other hand, Grayscale’s Bitcoin Trust (GBTC) experienced $212 million in outflows. Since transforming from a trust to an ETF on Jan. 11, Grayscale has seen a massive reduction, parting with about 277,393 BTC, worth $19.5 billion at current Bitcoin-to-dollar valuations.

Four Bitcoin ETFs > 11,000 Gold ETFs

Eric Balchunas, Bloomberg’s senior ETF analyst, noticed that inflows into the four top Bitcoin ETFs surpassed that of Gold in the first 50 days. Interestingly, the number of Gold ETFs at the time of their launch was 11,338, signifying the sheer outperformance of fewer Bitcoin ETFs.

On March 26, Hashdex converted its futures fund into a spot Bitcoin ETF under the ticker DEFI. In doing so, the firm has become the eleventh-leading Spot Bitcoin ETF issuer in the U.S.