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Bitcoin Spot ETF outperforms 3,400 rivals with $2.3 billion weekly inflow

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Last week’s influx by all ten spot Bitcoin ETF issuers, including Grayscale, put the new offerings ahead of the 3,400 ETFs that existed before the U.S. Securities and Exchange Commission (SEC) gave its approval to the new group of Bitcoin backers. BTC in the region. .

Spot Bitcoin ETF attacks its traditional rivals

An illustration drawn by Bloomberg Intelligence shows that US Bitcoin Spot ETFs are leading other ETFs in terms of inflow volume. At market close on Friday, approximately US$2.3 billion was recorded as inflows for the week.

This number brings total net inflows to more than $5 billion.

BlackRock’s IBIT alone recorded up to $1.67 million in flows, while Fidelity’s FBTC recorded around $729,000. Surprisingly, BlackRock tops the list with the volume of inflows its BTC spot ETF has attracted.

On February 16, IBIT had a total net inflow of $331 million and this put the ETF’s total historical net inflow at $5.36 billion.

With this value for a single Bitcoin ETF, BlackRock ranked in the top 7% of all ETFs by market capitalization.

BlackRock and Fidelity exert influence on the market

The broad Bitcoin ETF market is growing by stealth. So far, around four issuers have surpassed the $1 billion milestone in net inflows. The first was BlackRock, which reached this milestone just days after the SEC gave the offerings the green light.

Fidelity followed BlackRock as the second to reach the $1 billion mark. The Bitcoin spot ETF issued by the duo ARK Invest and 21Shares also joined the list of products with assets under management (AUM) of US$1 billion. Bitwise is last on the list.

A look at the Bitcoin ETF ecosystem confirms that BlackRock and Fidelity have established their positions with the volume of inflows recorded.

However, there is still stiff competition from Grayscale, the spot Bitcoin ETF issuer that has been experiencing massive outflows. Due to the exits, Grayscale is considering reducing its exposure to Bitcoin by 2,555 BTC, valued at approximately $133 million.

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