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BlackRock and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) have made history by accumulating over $3 billion in assets within their first month of trading, a feat unmatched by any other ETF launched in the United States over the past 30 years. Bloomberg Intelligence data reveals that these two ETFs, IBIT and FBTC, stand alone among a pool of 5,535 newborn ETFs. This achievement is particularly remarkable considering that most ETFs on the list were “BYOA” type, whereas IBIT and FBTC have consistently attracted inflows since their inception, a phenomenon deemed unprecedented by Bloomberg ETF analyst Eric Balchunas. Even amid competition, including the ARK 21Shares’s spot Bitcoin ETF and Bitwise’s spot Bitcoin ETF, IBIT and FBTC’s performance remains outstanding. Balchunas attributes their success not only to investor demand but also to intense competition among ETF issuers. Despite facing challenges such as mass outflows from Grayscale’s Bitcoin ETF, IBIT and FBTC continue to rank among the top ETFs in terms of flows, signaling a significant shift in investment trends towards cryptocurrency.
