Fidelity's Bitcoin Fund Sucks Up $310M in Single-Day Surge
Fidelity's spot Bitcoin ETF, known as the Wise Origin Bitcoin Fund (FBTC), experienced an extraordinary surge in demand on September 18. The fund pulled in $310.72 million in net inflows that day, making up roughly 72% of all US spot Bitcoin ETFs' total haul.
This influx of capital is not a one-off event; since its launch in January 2024, FBTC has accumulated approximately $10.36 billion in cumulative net inflows, solidifying its position as a major player in the spot Bitcoin ETF universe. BlackRock's IBIT comes close with about $108 million in new investments.
The numbers have significant implications for Bitcoin's market structure. When Fidelity receives large sums of money for FBTC, it must acquire an equivalent amount of Bitcoin to create new shares. This increased demand tightens the available supply and supports Bitcoin's price.