Fidelity Bitcoin ETF rakes in reported $208M, offsetting Grayscale outflows alone

Fidelity's spot Bitcoin exchange-traded fund (ETF) has reportedly managed to pull in $208 million in daily inflows on Jan. 29, outstripping outflows from Grayscale Bitcoin Trust for the first time outside their launch day.

According to provisional data from Farside Investors, Fidelity's FBTC raked in $208 million in inflows on Monday, compared to the $192 million outflowed from the GBTC — the lowest daily outflows outside of its re-launch, per BitMEX Research data.

The latest GBTC outflows mark a nearly 25% drop from $255 million on Jan. 26, and a 70% drop from the fund’s peak daily outflows of $641 million on Jan. 22.

It’s also the second-lowest outflow day for Grayscale’s fund, besides the $95 million that left the fund on Jan. 11 — the day it was converted to a spot Bitcoin exchange-traded fund (ETF).

Crypto traders are eagerly watching for signs of slowed GBTC outflows caused by the fund’s investors taking the chance to cash out of their once-underwater positions.

JPMorgan analysts noted on Jan. 25 that GBTC outflows have caused downward price pressure on Bitcoin but added that “should be largely behind us.”

Meanwhile, Jan. 29 figures show the nine new U.S. spot Bitcoin ETFs hit a combined $994.1 million in volume, close to doubling that of GBTC, which saw $570 million in volume, according to data shared to X by Bloomberg ETF analyst James Seyffart.

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Jan-30-2024 08:55:30 AM