Spot Bitcoin ETF Launch: Bitwise and Fidelity Lead in Capital Inflows, Grayscale Experiences Outflows

  • Bitwise ETF: $238 million in net inflows
  • Fidelity ETF: $227 million in net inflows
  • BlackRock’s IBIT: $112 million in net inflows
  • Grayscale’s GBTC: $95 million in net outflows
  • Overall Day-One Net Flows: $655 million
  • Expected inflows: VanEck ($2.4 billion in 3 months), Galaxy Digital ($14 billion in 1 year)

The debut of the first spot bitcoin ETFs in the United States marked a significant event in the cryptocurrency market, drawing substantial attention and capital. According to preliminary data from Bloomberg Intelligence, these ETFs collectively attracted $655 million in net flows on their first day. This article delves into the performance of individual ETFs and the broader implications for the cryptocurrency market.

Leading the Pack: Bitwise and Fidelity’s ETFs

Bitwise ETF Surges Ahead

Bitwise’s ETF emerged as a frontrunner, securing net inflows of $238 million. A Bitwise spokesperson confirmed this figure to Blockworks, indicating strong investor confidence in their product.

Fidelity’s Strong Performance

Following closely, Fidelity’s spot bitcoin ETF attracted $227 million in net inflows. This figure underscores Fidelity’s established reputation in the financial market.

Sign-up on Binance

Other Competitors and Market Dynamics

BlackRock and Others in the Race

BlackRock’s iShares Bitcoin Trust (IBIT) also saw significant interest, with net inflows amounting to $112 million, as reported by Bloomberg Intelligence analyst James Seyffart.

Grayscale’s Outflows: A Concerning Trend

In contrast, Grayscale Investments’ Bitcoin Trust ETF (GBTC) experienced net outflows of approximately $95 million. This trend raises concerns, especially given its relatively higher fee of 1.5%.

Market Analysts Weigh In

Varied Perspectives on ETF Performances

Sumit Roy, a senior analyst at, described the $655 million in day-one net flows as somewhat “underwhelming” when contrasted with the $4.5 billion in trading volumes. He anticipates potential adjustments in these figures in the near future.

The Bigger Picture and Future Expectations

Analysts from VanEck and Galaxy Digital predict varying degrees of success for spot bitcoin ETFs. While VanEck estimates $2.4 billion in inflows over three months, Galaxy Digital foresees about $14 billion in the first year.


The initial performance of spot bitcoin ETFs in the US offers a mixed yet intriguing picture of the cryptocurrency market’s evolution. Bitwise and Fidelity lead the way in attracting capital, while Grayscale faces challenges. Analysts remain cautiously optimistic about the future inflows and market dynamics.

Day-One Net Flows of Spot Bitcoin ETFs

ETF ProviderNet Inflows
Bitwise$238 million
Fidelity$227 million
BlackRock$112 million
Grayscale-$95 million
Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use