The first week of trading for Bitcoin Spot ETFs has been marked by resounding success, attracting a whopping $1.5 billion influx of capital. Heavyweights BlackRock and Fidelity led the way, capturing over half of this new capital, despite fierce competition from other issuers.
A Grand Entrance for Bitcoin Spot ETFs
After months of anticipation and successive rejections, Bitcoin Spot ETFs have finally made their debut on the stock market, generating palpable excitement in both traditional finance and the crypto industry. In just two days, these ETFs have recorded several hundred thousand transactions, amounting to a net positive capital of nearly $1.5 billion according to preliminary Bloomberg data.
The Performances of BlackRock and Fidelity
BlackRock has stood out with a Bitcoin ETF that attracted nearly half a billion dollars in just two days, likely due to reduced fees. Fidelity is not far behind with $422 million in inflows, while Bitwise ranks third with $237 million.
What’s remarkable about BlackRock is that its ETF started with a volume of over a billion dollars on its first day of trading, one of the largest introductions for an ETF in history. On the other hand, Grayscale has experienced capital outflows exceeding $579 million. Many GBTC holders have finally seen their shares become exchangeable at a 1:1 ratio with the actual price of Bitcoin, after months of waiting.
In addition, faced with the competitiveness of the fees offered by BlackRock and Fidelity, set at 0.2%, a notable shift is occurring among investors, turning away from Grayscale’s GBTC in favor of these more profitable alternatives.
