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Bloomberg data indicates that Bitwise’s spot Bitcoin exchange-traded fund (ETF) saw an influx of $238 million on its first trading day. According to preliminary data, this was the largest influx of the day, surpassing Fidelity’s $227 million and BlackRock’s $111 million net inflows. However, these figures could change, and the amounts could increase.
Prominent Analyst Makes Noteworthy Statements
At the time of writing, ETF products overall saw an influx of $721 million. This figure does not include Valkyrie’s spot Bitcoin ETF product and the Grayscale Bitcoin Trust. Should Grayscale experience significant outflows, it could lower the overall figure. Bloomberg’s senior ETF analyst Eric Balchunas shared the following statements with his followers on social media platform X:
“I congratulate Bitwise for winning the first day of the Cointucky Derby with a $238 million flow. Fidelity is a close second, BlackRock a distant third. The total influx for all ETF products is $721 million, surprising but still an incomplete picture, and flow data is slow. We’ll learn more tonight.”
Balchunas noted that Grayscale’s reporting comes one day after other ETF products, making it difficult to know their activity until the evening of January 12 at the earliest, and as late as the evening of January 16.
Competition Increases in ETF Products
On January 11, Bitwise offered investors the lowest fee of just 0.2% for its spot Bitcoin ETF product. However, today Franklin Templeton reduced its fee from 0.29% to 0.19% according to Form 8-K, undercutting its competitor by one basis point. On January 11, spot Bitcoin ETF products saw a healthy trading volume of $4.5 billion, with volumes largely concentrated among a selected few products, drawing attention.
Grayscale saw the largest trading volume among ETF products at $2.2 billion, but it’s worth noting that they have an advantage due to being pre-existing assets under management. BlackRock’s ETF product was second with a $1 billion trading volume, while Fidelity came in third with $680 million.
