BlackRock and Fidelity Stand Alone as Bitcoin ETF Inflows Plummet by 76%

Bitcoin exchange-traded funds (ETFs) saw their net inflows plummet by 76.1% on Friday, September 4, as only two funds from BlackRock and Fidelity attracted fresh money. The previous day's inflow of $730.8 million was significantly higher, with seven out of the 12 tracked ETFs recording positive flows. However, this number dwindled to just two by Friday.

The only two ETFs that recorded net inflows were BlackRock's iShares Bitcoin Trust ETF (IBIT), which saw an influx of $117.4 million, and Fidelity's Wise Origin Bitcoin Fund (FBTC), with a net inflow of $57.2 million. The other ten products in the group showed zero net flows, but this does not necessarily mean that shares went untraded.

According to Fidelity, investors can buy and sell these products during stock-market hours, while authorized participants create and redeem fund shares. This means that a zero net-flow reading is simply an indication of a slower pace of money entering the group, rather than actual withdrawals.