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Sujit Kumar
Jan 20, 2024
by Sujit Kumar

Fidelity’s FBTC Surpasses $1 Billion Inflows as GBTC Faces Massive Outflows in Bitcoin Spot ETF Market

FBTC Surpasses $1 Billion

Table of contents

  1. Fidelity Joins Exclusive $1 Billion Club
  2. Positive Performances and Notable Outflows
  3. Impact on Bitcoin’s Price
Fidelity's Bitcoin spot ETF, FBTC, achieves a remarkable milestone with over $1 billion in total inflows within five days, positioning itself alongside BlackRock's IBIT. However, the market sees a net outflow of $131.6 million on day five, driven by a significant $579.6 million outflow from Grayscale's GBTC.

Fidelity Joins Exclusive $1 Billion Club

As Bitcoin spot ETFs navigate the market terrain, Fidelity's FBTC emerges as a standout performer, securing an impressive total inflow of $1.1 billion. This places Fidelity in the company of BlackRock's IBIT, both contributing to over 67% of the $3.4 billion inflows recorded in the Bitcoin spot ETF market.

Positive Performances and Notable Outflows

Other Bitcoin spot ETFs making notable gains include Bitwise's BITB, Ark Invest's ARKB, and Invesco's BTCO, boasting individual total inflows of $395.5 million, $320.9 million, and $194.8 million, respectively. However, Grayscale's GBTC faces a stark contrast with a substantial outflow of $579.6 million on January 18, contributing to a net outflow of $131.6 million in the Bitcoin spot ETF market.

Impact on Bitcoin’s Price

The unexpected decline in Bitcoin's price over the past two weeks is attributed to the massive outflows experienced by GBTC, despite the approval of the BTC spot ETF on January 10. Bitcoin's current price stands at $41,536, reflecting a decline of 2.55% and 5.50% in the last seven and 14 days, respectively. While the cryptocurrency shows a 1.56% gain in the last day, the market remains cautious about predicting a full recovery.

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FBTC Surpasses $1 Billion
Fidelity’s FBTC Surpasses $1 Billion Inflows as GBTC Faces Massive Outflows in Bitcoin Spot ETF Market
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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