Bitcoin ETF snapshot: Fidelity fund hits $10B milestone amid big inflow week

Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says

by Ben Strack /

July 15, 2024 09:59 am

Poetra.RH/Shutterstock modified by Blockworks

Bitcoin funds in the US raked in more than $1 billion in assets last week, marking a weekly total the category has rarely hit in recent months.

It’s the segment’s highest weekly inflow amount since the period of June 3 through June 7, during which $1.8 billion entered the funds.

Net inflows for the 10 US spot bitcoin funds tracked by Farside Investors now stand at $15.8 billion since launching in January.

“We believe price weakness due to the German government bitcoin sales and a turnaround in sentiment due to lower-than-expected CPI in the US prompted [investors] to add to positions,” CoinShares research head James Butterfill wrote in a Monday report.

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Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) fund hit the $10 billion assets under management milestone last week, becoming just the third such offering to reach that level.

BlackRock’s iShares Bitcoin Trust (IBIT) leads the BTC fund sector with $18.2 billion. The Grayscale Bitcoin Trust ETF (GBTC) — with nearly $30 billion in assets when it converted to an ETF and bleeding $18.6 billion since then — stands at about $15.7 billion.

FBTC’s $358 million of net inflows from July 8 to July 12 was second only to IBIT’s $523 million. About $35 million of investor capital left GBTC.

Read more: Bitcoin ETF Tracker

Friday was the sixth straight day of net inflows into US spot bitcoin funds — the first such streak since a 19-day inflow streak snapped on June 7.

Fineqia International analyst Matteo Greco noted in a Monday research note that the bitcoin ETFs — with about $51 billion in combined assets — now hold roughly 4.5% of the total BTC supply.

Despite the latest outflows, he added, trading volumes remain below average (but rather high for July) — totaling nearly $7 billion for the week.

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