Financial giant BlackRock’s Bitcoin Spot ETF has become one of the top five exchange traded products (ETPs) in the US by capital inflows.
According to YCharts data, crypto funds with the ticker IBIT were in the top 0.16% of 3,109 U.S. ETPs. Experts point out that the BlackRock ETF has been forced to miss the first seven business days of 2024. The company was awaiting approval from the U.S. Securities and Exchange Commission (SEC).
Eric Balciunas, senior analyst at Bloomberg, noted that IBIT has received more than $3.19 billion in inflows since its inception. According to his calculations, this metric puts BlackRock’s crypto ETF in 0.02% of the world’s largest ETPs. At the same time, the total number of existing replacement products is approximately 10,000.
Another successful spot Bitcoin ETF is Fidelity Investments’ Crypto Fund. The investment product has recorded inflows of $2.51 billion since its launch.
Analysts note that BlackRock and Fidelity’s crypto funds continue to pull away from other Bitcoin spot ETFs. According to SoSo Value, in third place in terms of the amount of funds received are the investment products of Ark Invest and 21Shares, which amounted to $ 697 million.
The one exception is Grayscale Investments’ crypto ETF. Although this product lost more than $6.1 billion, it remains the most significant asset holder among all crypto funds. Grayscale Spot Bitcoin ETF has $20 billion in funds under management.