Fidelity Leads Bitcoin ETF Rebound After Fed Rate Hike

U.S. spot Bitcoin exchange-traded funds (ETFs) saw a significant rebound on Friday, Sept. 18, after a disastrous week following the Federal Reserve's rate hike announcement. Fidelity's Wise Origin Bitcoin Fund, or FBTC, led the charge with $310.7 million in inflows, nearly 2.9 times the amount added by BlackRock's iShares Bitcoin Trust, known as IBIT, at $108.4 million.

The session extended the market's rebound to a second day, but it did not fully repair the withdrawals recorded earlier in the week. The combined inflows on Thursday and Friday were $592.5 million, compared to the $746.3 million withdrawn on Sept. 15-16. This left the week with a net of just $6.1 million in inflows.

The weekly issuer totals showed IBIT at $120.6 million and FBTC at $79.9 million, indicating broadened participation but only a modest recovery in funding and adoption. The evidence suggests that while the rebound recovered most of the mid-week damage, the week itself remained close to flat.