FBTC inflow surges: becomes Fidelity's largest ETF, with over 230 holding institutions already

Author: Nancy, PANews

So far, the total net asset value of Bitcoin spot ETFs in the United States has surpassed $60 billion. Among these Bitcoin ETFs, BlackRock leads with over $20 billion, while Fidelity's recent large-scale capital inflows have also attracted attention.

FBTC's Holding Institutions Exceed 230, Driving Recent Growth in Bitcoin ETF Scale

"No matter the view on cryptocurrencies, a small allocation to Bitcoin makes sense." Fidelity recently made a high-profile call during an interview with CNBC.

Since the launch of the Bitcoin spot ETF in January this year, Fidelity has shown impressive market performance. From the price performance of FBTC, since its launch, the price of FBTC has risen by 60.8% to $61.67; in terms of the number of investment institutions, according to Fintel data, as of June 5, there are 237 publicly traded companies reporting holdings in FBTC, collectively holding over 3,694 shares of FBTC, currently valued at over $2.27 billion.

For example, hedge fund giant Millennium Management holds over $800 million in FBTC, hedge fund management company Boothbay Fund Management invested $105.5 million in FBTC, investment advisory firm Pine Ridge Advisers holds over $93.38 million in FBTC, asset management company Susquehanna International purchased $83.74 million in Fidelity FBTC, billionaire Steven Cohen's hedge fund Point72 holds $77.5 million in FBTC, and U.S. Bancorp invested $5.4 million in FBTC, among others.

Fidelity has become one of the main forces in capital inflows for U.S. Bitcoin ETFs, now ranking as the third largest holder. Dune data shows that as of June 5, the total on-chain market value of nine U.S. spot Bitcoin ETFs has surpassed $60 billion, with a total holding of approximately 853,000 Bitcoins, setting a historical record. Among them, Fidelity holds over 165,000 Bitcoins, valued at approximately $11.7 billion, having surpassed the $10 billion mark within 77 trading days, accounting for 19.4% of the total market value of U.S. Bitcoin spot ETFs.

Especially in the past week, FBTC has ramped up its growth, with Coinglass data showing that FBTC brought in over 9,200 Bitcoins, accounting for nearly 54.5% of the total. Notably, on June 4, FBTC led all ETFs with a net inflow of $379 million in a single day, also driving U.S. Bitcoin spot ETFs to set a historical second-highest single-day net inflow.

Additionally, from the daily Bitcoin inflow statistics compiled by Dune and Farside Investor, Fidelity's FBTC has primarily seen net inflows, with only one day of outflows, and the average daily inflow reached $93.5 million, second only to BlackRock.

FBTC Becomes Fidelity's Largest ETF, Accounting for Over 70% of 2024 Capital Inflows

As a heavyweight asset management giant, Fidelity is one of the earliest large traditional institutions to enter the crypto space. As early as 2013, the institution began researching and experimenting with cryptocurrencies, and has since launched various services including Bitcoin mining, Bitcoin custody, investment consulting, and Bitcoin index funds. In 2023, it even opened trading exposure for retail investors in Bitcoin and Ethereum, and subsequently received approval to launch a Bitcoin spot ETF and an upcoming Ethereum spot ETF.

From the market performance of Fidelity's FBTC, it seems that the Bitcoin spot ETF has become the focus of its product strategy. Compared to the top-ranked BlackRock IBIT, while FBTC still has a gap, the latter's proportion in Fidelity's overall ETF scale is increasing, highlighting a shift in investor interest.

Stock Analysis data shows that as of June 5, BlackRock has 433 ETFs with a total managed asset amount of $2.8 trillion; Fidelity has 70 ETFs with a total managed asset amount of $74.2 billion. Among them, IBIT ranks 31st among all BlackRock ETFs, while FBTC ranks first in Fidelity's ETFs, surpassing products like FTEC, FBND, and ONEQ.

According to a recent tweet shared by Bloomberg ETF analyst Eric Balchunas, from the beginning of 2024 to now, BlackRock has seen a total inflow of $65.1 billion among the top 10 ETF issuers, while Fidelity has seen an inflow of $15.8 billion.

Top 10 ETF Issuers' Capital Inflows in 2024 to Date

Dune data shows that as of June 4, BlackRock's IBIT has seen inflows of $20.4 billion, meaning that IBIT accounts for 31.3% of its total ETF inflows this year, making up less than 1% of BlackRock's overall asset scale. In contrast, FBTC accounts for 74.1% of its ETF inflows this year, and its proportion in Fidelity's ETF scale reaches 15.7%.

From various data points, Fidelity's strong capital inflows reflect market recognition of its products and growing interest in Bitcoin spot ETF investments. ETF analyst Eric Balchunas also tweeted today (June 5) that the capital flow of the top 10 spot Bitcoin ETFs is very active, with a total close to $1 billion on June 4, and a net inflow of $15 billion this year, stating that the "third wave" is evolving into a tsunami. The significant surge in investment activity may signal a major shift in the investment landscape.