Posted 3/3/2024, 4:36:00 PM
BlackRock and Fidelity Dominate Bitcoin ETF Market, Forcing Competitors to Slash Fees
- BlackRock and Fidelity's Bitcoin ETFs have captured 79% of inflows into the 9 new spot Bitcoin ETFs since SEC approval in January
- 4 of the other 7 Bitcoin ETFs have cut fees to compete, with Valkyrie nearly halving fees to 0.25% and Franklin Templeton dropping to 0.19%
- Bitcoin's rally this year has driven huge inflows into the new ETFs as retail investors rush in
- Grayscale's GBTC Bitcoin trust has seen $8 billion+ in outflows since the new ETF launches due to profit-taking
- BlackRock seems to be pulling ahead, with its IBIT fund seeing record $612 million inflows on Feb 28 as its distribution network offers liquidity