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Fidelity’s Bitcoin Fund Becomes Fifth Most Popular of All ETFs in 2024
The Fidelity Wise Origin Bitcoin Fund has attracted $6.9 billion from investors since its launch in January, the fifth-highest amount of all exchange-traded funds.
Updated Mar 18, 2024, 5:22 p.m. Published Mar 18, 2024, 5:20 p.m.
- Fidelity’s Wise Origin Bitcoin Fund (FBTC) has seen the fifth most inflows out of all exchange-traded funds (ETFs) so far this year.
- The fund attracted roughly $6.9 billion since its launch on Jan. 12.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) is the fifth most popular exchange-traded fund (ETF) on the market right now, attracting roughly $6.9 billion since its introduction on Jan. 12, according to data from Bloomberg Intelligence.
The fund is the second of the spot bitcoin ETFs to make it into the top five. BlackRock’s iShares Bitcoin Trust (IBIT) joined the ranks of the biggest funds in February.
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The No. 1 fund based on 2024 inflows is Vanguard’s S&P 500 ETF (VOO), which has attracted over $24 billion from investors. IBIT is in third place with $12.5 billion, behind the iShares Core S&P 500 ETF (IVV), which has seen just over $15 billion of inflows this year.
After a strong start to the week last week, flows into the 10 spot bitcoin ETFs slowed on Thursday and Friday as part of a wider market sell-off. The funds recorded a combined $133 million entering on Thursday and $199 million on Friday, according to data from Farside Investors.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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