BlackRock Bitcoin ETF ranks among top 0.16% of all ETFs in US
Data from YCharts further highlights the impressive performance of BlackRock's ETF, placing it in the top 0.16% of ETFs among the 3,109 in the US.
- Republic Business
- 2 min read
BlackRock Bitcoin ETF: BlackRock's iShares Bitcoin (BTC) exchange-traded fund (ETF) has ranked within the top 0.16 per cent of all ETF products issued in the United States. With flows surpassing $3.19 billion, the spot Bitcoin ETF stands out among its peers, second only to broad index funds tracking the S&P 500 and Vanguard's Total Stock Market ETF, according to ETF analyst Eric Balchunas.
Data from YCharts further highlights the impressive performance of BlackRock's ETF, placing it in the top 0.16 per cent of ETFs among the 3,109 currently trading in the United States. However, Balchunas' calculation yields a slightly different figure of 0.02 per cent, indicating BlackRock's ETF performance against an estimated 10,000 ETFs worldwide.
Fidelity's Bitcoin Fund also demonstrates strong performance, ranking eighth among US-based ETF products with $2.51 billion in inflows. Both BlackRock and Fidelity Bitcoin ETFs have steadily climbed the ranks, showcasing significant growth since January.
It is important to note the relative novelty of spot Bitcoin ETF products, which were approved for trading on January 11, 2024. This places them at a seven-trading-day disadvantage compared to other ETF products, yet they have managed to attract substantial flows.
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BitMEX Research data reveals a widening gap between BlackRock and Fidelity's spot Bitcoin ETFs and other competitors, with ARK 21Shares and Bitwise ranking third and fourth, respectively.
Several other spot Bitcoin ETF issuers, including Invesco, Galaxy, and Valkyrie, have also recorded noteworthy flows, with total net flows into all ten spot Bitcoin ETFs reaching $1.5 trillion since their inception.
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Meanwhile, Grayscale's converted spot Bitcoin ETF has experienced diminishing outflows for the sixth consecutive day, indicating a trend of increasing investor confidence in alternative Bitcoin ETF options. Inflows from competing Bitcoin ETF issuers have consistently outpaced outflows from Grayscale's GBTC for at least seven consecutive days, signalling a shift in investor sentiment towards newer ETF offerings.