Bitcoin exchange-traded funds (ETFs) make up a significant portion of today’s funds. Recent data shows Bitcoin ETFs make 26% of BlackRock’s total inflows in 2024. Fidelity’s FBTC also accounted for 56% of the firm’s inflow in 2024.
The data shared by Eric Balchunas from Bloomberg Intelligence outlines the top 10 BTC ETFs by Year-To-Date (YTD) flows. Despite Vanguard’s persistent dominance in the ETF market, some interesting facts about other ETFs were revealed.
Also Read: Boothbay Fund now the Largest Reported Holder of the BlackRock, Fidelity, and Bitwise ETFs.
Blackrock’s iShares Bitcoin Trust has experienced over $16 billion in inflows since its inception in January. Fidelity’s Wise Origin Fund (FBTC) also recorded close to $9 billion. The data provided by Farside shows how Bitcoin ETFs have contributed massively to the total inflows of these fund management firms.
Based on the analysis, IBIT inflows account for over a quarter of BlackRock’s inflows this year. Interestingly, Fidelity’s FBTC contributed to over half of the firm’s inflows this year.
Eric Balchunas Shares Top 10 ETF Issuers
Here's the top 10 ETF issuers by YTD flows $B through first five months of year.. pic.twitter.com/mnkoSF1pSr
— Eric Balchunas (@EricBalchunas) June 3, 2024
The Senior ETF analyst shared data of the top ETF issuers by YTD flows. All the top 10 ETF issuers had their YTD flows in billions. Vanguard has recorded a massive lead of all ETF issuers, with $102.8 billion YTD flows.
Within the five months of 2024, BlackRock ETFs recorded the second highest YTD flows of $65.1 billion. Invesco and JP Morgan recorded total YTD flows of $34.7 billion and $18.3 billion, respectively.
Fidelity and DFA ETF issuers also managed to record YTD flows above the $10 billion mark. Fidelity recorded $15.8 billion while DFA had a total of $14.3 billion in the same period.
The bottom four all recorded YTD inflows below $10 billion. Shwab had $8.7 billion, Pacer had $7.8 billion, Capital Group had $6.5 billion, and in tenth place, American Century (Avantis) had $6.3 billion in total YTD inflows in 2024.
Vanguard Dominates the Bitcoin ETF Market
Really wild when you consider that like 1/3 of the BlackRock flow is the bitcoin ETF. Vanguard is an absolute juggernaut
— Sean Tuffy (@SMTuffy) June 3, 2024
Other industry observers recognized the massive dominance of Vanguard in the ETF market. Essentially, the introduction of Bitcoin ETFs significantly increased BlackRock’s and Fidelity’s capacity.
BlackRock’s iShares Bitcoin Trust (IBIT) accounts for nearly one-third of its inflows this year, and Fidelity’s Wise Origin Fund (FBTC) is over half of its YTD flows. Vanguard’s ETF would triple the other ETFs if not for BlackRock’s IBIT.
Also Read: Blackrock’s New Spot Ethereum ETF Filing Excludes Staking
Further discussions have led to questions as to why Vanguard chose to disallow Bitcoin ETFs. According to some crypto industry observers, Vanguard’s choice to reject Bitcoin ETFs may have been more strategic than advertised. The fund manager cited that its main reason for not offering Bitcoin ETF was that it does not align with ethos.
Bitcoin ETF Market Stabilizes
BTC ETFs were approved and began trading just over five months ago. The Fear of Missing Out (FOMO) on Bitcoin ETFs has since died down gradually. The industry is looking towards a potential introduction of ETH ETFs, which may attract another boom in crypto-related ETF flows.
BTC ETFs have stabilized over the past few months. There have been minimal flows into the funds. In fact, smaller BTC ETFs like Franklin Bitcoin ETF (EZBT) have not recorded any transactions in two weeks, as reported by Farside Investors.
Cryptopolitan reporting by Collins J. Okoth
