BlackRock's Bitcoin ETF Surpasses $1B in Assets in Just 4 Days

BlackRock's spot bitcoin ETF has become the first among a group of newly launched ETFs tracking spot bitcoin prices to reach $1 billion in assets. This milestone was achieved within the first four days of trading, according to data from J.P.Morgan.

Last week, the U.S. Securities and Exchange Commission (SEC) approved nearly a dozen ETFs that track the world's largest cryptocurrency, after facing regulatory challenges for years.

BlackRock and Fidelity are currently leading the pack in terms of investor interest and inflows. This could be attributed to their lower fees and strong brand reputation.

As of January 17th, BlackRock's iShares Bitcoin ETF had accumulated $1.07 billion in assets under management, followed by Fidelity's Wise Origin Bitcoin ETF with $874.6 million, according to J.P.Morgan data. In total, the nine newly launched ETFs have attracted $2.90 billion in investment flows in just the first four days of trading.

However, the Grayscale Bitcoin Trust, which recently converted from a closed-end fund to an ETF, has experienced significant outflows of $1.62 billion in the same four-day period. This could be due to its higher fees compared to the newly launched ETFs.

- CyberBeat