Fidelity’s FBTC spot bitcoin ETF has reached over $1 billion in inflows, becoming the second fund to achieve this milestone. The new U.S. spot bitcoin ETFs have accumulated a total of nearly $1.2 billion in net flows within the first five days of trading, with Fidelity joining BlackRock in the $1 billion-plus inflows club. The growing popularity of these ETFs could have a significant impact on the UK’s crypto market.
Spot Bitcoin ETFs Highlight Market Volatility and Growing Interest
The spot bitcoin ETFs’ net outflows of $131.6 million and significant inflows from Grayscale’s converted fund highlight the volatility of the market. Despite this, Fidelity and BlackRock’s ETFs led yesterday’s inflows, attracting $177.9 million and $145.6 million, respectively. These ETFs, along with Grayscale, are dominating the trading volume and assets under management (AUM) in the market, suggesting a shift in investor sentiment and increased interest in cryptocurrencies.
“Fidelity’s spot bitcoin ETF hits $1 billion inflows, shaping UK’s crypto market dynamics. ”
Bitcoin Price Faces Potential Pressure from GBTC Profit-Taking
Bitcoin’s price, currently trading at $41,379, faces potential pressure if GBTC investors continue profit-taking. JPMorgan analysts estimate that up to $3 billion in outflows from GBTC could further impact bitcoin prices. This situation may create opportunities and challenges for the UK’s crypto market as it adapts to the evolving dynamics influenced by spot bitcoin ETFs and the actions of major investors like Grayscale, Fidelity, and BlackRock.
Read more here at https://www.theblock.co/post/273503/fidelity-spot-bitcoin-etf-1-billion-inflows
