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Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice
Fidelity spot Bitcoin ETF (FBTC) emerged as a frontrunner, witnessing a substantial net inflow of $155 million on Friday, outpacing its competitors. This surge effectively covered the net outflow of $139 million experienced by Grayscale’s GBTC. Meanwhile, the overall net inflow for Bitcoin spot ETFs in the US on March 15th reached $42 million.
Pre-market trading today witnessed remarkable surges in BlackRock’s IBIT and Fidelity spot Bitcoin ETF, both leading spot Bitcoin ETFs, propelled by robust fund inflows. This trend was mirrored by competitors such as Grayscale’s GBTC, VanEck’s HODL, and Valkyrie’s BRRR.
Fidelity spot Bitcoin ETF stands out among four selected ETFs, alongside BlackRock’s IBIT, Franklin Templeton’s EZBC, and Invesco’s BTCO. Fidelity’s track record of successfully launching new product strategies, coupled with ample resources and expertise, earned it this distinction.
Despite Fidelity’s significant inflows, BlackRock’s IBIT lagged behind with only $20.5 million in inflows, indicating a notable shift in the distribution of ETF inflows.
The decline in outflows from GBTC is attributed to diminishing selloffs, which are nearing their conclusion. A significant development came as crypto lender Genesis secured bankruptcy court approval to sell 35 million GBTC shares valued at $1.3 billion.
This move aims to implement the spin-off, with Grayscale filing to list shares of a new investment product named the Grayscale Bitcoin Mini Trust, which will receive a portion of bitcoin held by GBTC. Notably, GBTC’s net outflows have surpassed $11.12 billion to date.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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