BlackRock, Fidelity Bitcoin ETFs See Biggest First Month of Any ETF in 30 Years
BlackRock and Fidelity's spot Bitcoin exchange-traded fund recorded more assets in its first month of trading than any other ETF launched in the United States in the past 30 years.
BlackRock's IBIT and Fidelity's FBTC each gained more than $3 billion in assets in their first 17 trading days, according to Bloomberg Intelligence data.They did so among more than 5,500 ETFs listed.
IBIT and FBTC are in the “league. [their] Bloomberg ETF analyst Eric Balchunas said in a Feb. 8 post on X.
Check out the top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches over 30 years). $IBIT and $FBTC are in league over $3B each with two days to go. $ARKB and $BITB also made the list. pic.twitter.com/Yyi1nxukUk
— Eric Balchunas (@EricBalchunas) February 8, 2024
Before the launch of spot Bitcoin ETFs, BlackRock's iShares Climate Conscious & Transition MSCI USA ETF — which launched on June 8, 2023 — was the leader with the highest AUM at $2.2 billion in its first month.
Balchunas said BlackRock and Fidelity's Bitcoin ETF results were more impressive than most other ETFs on the list because they were “BYOA” or “bring your own assets” type of ETFs — meaning one investor was behind all of the ETF's assets under management.
BlackRock and Fidelity, on the other hand, have seen inflows every trading day since ETAF's launch, which Balchunas described as “literally unprecedented.”
The ARK 21Shares Spot Bitcoin ETF (ARKB) and Bitwise (BITB) Spot Bitcoin ETFs also ranked 20th and 22nd, ranking 25th, respectively. The ProShares Bitcoin Strategy ETF — which launched as a futures product in October 2021 — also made the list in seventh place.
Balchunas said Bloomberg Intelligence analyzed ETFs like Grayscale GBTC and about 100 mutual funds that have been converted into ETFs.
“There will be no interest.”
Spot Bitcoin ETFs now represent *4* of the top 25 ETFs launched after 1mo in the industry's 30+ year history.
IBIT and FBTC are now #1 and #2 overall. https://t.co/Z6yrbgWRGk
— Nate Geraci (@NateGeraci) February 8, 2024
Balchunas acknowledged that the massive outflows from grayscale Bitcoin ETFs were “a reason” for the outflow performance of the space's Bitcoin ETFs, and that some of these ETFs may have received seed funding, but said it was “not enough to write off.”
“I think the invisible force here is the competition. 10 ETFs on the same day with some research provider making everyone's ass come out.”
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Meanwhile, the performance of IBIT and FBTC stands out against the larger ETFs that have flown this year.
According to Bloomberg data, the BlackRock Bitcoin ETF ranked fifth, citing figures from February 5. FBTC is not far behind either, ranked eighth.
Only three broad index funds, tracking the S&P 500 and Vanguard's Total Stock Market ETF, beat IBIT.
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