Crypto
Fidelity Inflows Spark Backwardation Fears in Bitcoin Market
Fidelity's Wise Origin Bitcoin Fund (FBTC) saw massive inflows on September 18, pulling in $310.72 million, accounting for 72% of total net inflows across US spot Bitcoin ETFs.
BlackRock's IBIT added $108 million on the same day, together these two funds made up 97% of daily capital inflows.
Total net assets in US spot Bitcoin ETFs reached $102.53 billion as of September 18, making up 6.29% of total market capitalization for Bitcoin.
The CME Bitcoin annualized basis is currently at -2.35%, indicating a backwardated market where deferred futures contracts trade at a lower price than near-term spot prices.