Fidelity Bitcoin Surge Outpaces BlackRock as Grayscale Trust Gains Momentum

Grayscale Bitcoin Trust (GBTC) sees $3.9M inflows, Fidelity FBTC leads with $99M, surpassing IBIT $21.5M. GBTC attracts $63M, breaking outflow trend, despite skepticism on sustainability and high fees. US spot Bitcoin ETFs observe $217M net inflows, yet Bitcoin price remains stagnant at $63,400.

In the latest trading session, the Grayscale Bitcoin Trust (GBTC) experienced a notable influx of $3.9 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) surged ahead with a substantial $99 million, outpacing BlackRock iShares Bitcoin Trust (IBIT) which managed around $21.5 million in inflows.

This marks another instance of Fidelity trumping BlackRock in daily Bitcoin ETF inflows, with FBTC surpassing $102 million compared to IBIT $13 million last Friday.

GBTC, however, takes the spotlight as it breaks its streak of outflows, pulling in $63 million for the first time since conversion, although skepticism remains about the sustainability of this trend.

Nate Geraci, president of The ETF Store, expressed doubts, citing the diverse motivations of ETF buyers. GBTC high fee of 1.5% and the liquidation of Genesis holdings are noted reasons for its asset outflow.

Nevertheless, Grayscale maintains its lead in assets under management, with GBTC managing approximately $17.4 billion, closely followed by IBIT at $15.4 billion.

Despite the positive movement in US spot Bitcoin ETFs, Bitcoin price remains stagnant at $63,400, showing a 1.5% decrease over the past 24 hours, according to CoinGecko.

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