The Fidelity Bitcoin ETF reported $208M, just offsetting the Grayscale inflow

Fidelity's spot Bitcoin Exchange-Traded Fund (ETF) reported about $208 million in daily inflows on Jan. 29, marking its first since-launch outflow from the Grayscale Bitcoin Trust (GBTC).

Provisional data from Farside Investors showed that Fidelity's FBTC inflows reached $208 million on Monday, compared to GBTC's $192 million outflow — the lowest daily outflow outside of the reset, according to BitMEX Research data.

The latest GBTC outflows represent a nearly 25% drop from $255 million on January 26 and a 70% drop from the fund's peak daily outflow of $641 million on January 22.

It's the second-lowest outage day for the grayscale fund, in addition to the $95 million it exited the fund on Jan. 11 — the day it switched to a spot Bitcoin (BTC) ETF.

Crypto traders will be keenly watching for signs of frozen GBTC flows as the fund's investors get the chance to cash out where they were once underwater.

JPMorgan analysts added that GBTC's January 25 exit eased price pressure on Bitcoin but “should be largely behind us.”

Meanwhile, on January 29 figures, nine new US Bitcoin ETFs hit $994.1 million in volume, GBTC, which saw $570 million in volume, close to double, according to data shared by Bloomberg ETF analyst James Seifert for X.

And @Grayscale's $GBTC keeps its liquidity crown — trading $570 million and ~$110 million from second place $IBIT today pic.twitter.com/ma0CE5szLa

— James Seyff (@JSeyff) January 29, 2024

BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's FBTC saw the largest share behind GBTC, with $460.9 million and $315.4 million per day, respectively — 78 percent of the combined volume posted by the new ETFs.

The crowded spot Bitcoin ETFs market has seen fund issuers slash fees to attract investors in the US and abroad.

RELATED: $5B flight from GBTC likely to take off to other regions: CoinShares

Invesco and Galaxy Asset Management were the latest to drop fees on a mutual ETF — the Invesco Galaxy Bitcoin ETF ( BTCO ) — on Jan. 29, whose expense ratio will be 0.25%, down from 0.39%.

The fee drop brings it down to the same level as BlackRock, Fidelity, Valkyrie and VanEyck. BTCO has zero fees for the first six months or until it reaches $5 billion in assets, after which the new lower fees will apply.

The pay table now looks like this: pic.twitter.com/LPvd6YwGWJ

— James Seyff (@JSeyff) January 29, 2024

The stateside payment war may also affect European ETFs, with traders speculating that European-based products are fleeing to America, according to research from CoinShares.

Last week, on January 23rd, Invesco lowered the fee on its Europe-based Bitcoin ETF from 0.99% to 0.39%. It joins Wisdomtree in lowering its fee from 0.95% to 0.35%.

CoinShares followed suit on January 25, cutting fees on its flagship Bitcoin ETF from 0.98% to 0.35%.

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