BlackRock Inc.’s Bitcoin exchange-traded fund passed $1 billion in investor inflows, making it the first in the group of nine new ETFs directly holding the cryptocurrency to surpass the milestone since the funds started trading last week.
Investors deposited $371 million in the fund on Wednesday, pushing IBIT past the milestone, data compiled by Bloomberg show. Fidelity Investments is close behind. The company’s FBTC Bitcoin ETF saw $358 million in inflows yesterday — the highest single day tally since the fund launched a week ago. In total, about $880 million have flowed into Fidelity’s fund. BlackRock and Fidelity have driven early consolidation in the new asset, with the two firms receiving 68% of all inflows across the nine new ETFs on the market, totaling nearly $2 billion.
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