BlackRock’s spot Bitcoin exchange-traded fund (ETF) outshined its competitors in 2024, recording over $37 billion in net inflows, according to Farside Investors. The iShares Bitcoin Trust (IBIT) attracted more than three times the net inflows of its closest rival, Fidelity’s Wise Origin Bitcoin Fund (FBTC), which brought in nearly $12 billion.
BlackRock also claimed the top spot in Ether ETFs. The iShares Ethereum Trust (ETHA) garnered $3.5 billion in net inflows for the year, significantly ahead of Fidelity’s Ethereum Fund (FETH), which secured $1.5 billion.
“Fidelity performed relatively better in the Ethereum space, achieving 44% of BlackRock’s total inflows compared to just 31% in Bitcoin ETFs,” Farside noted in a Dec. 31 post on the X platform.
A Year of Growth for U.S. Bitcoin ETFs
The U.S. Bitcoin ETF market saw an overall influx of more than $35 billion in 2024, translating to an average of $144 million in net inflows each trading day. This growth came despite significant outflows from the Grayscale Bitcoin Trust (GBTC), which saw over $20 billion withdrawn.
Launched in 2013 as a non-listed trust, GBTC had been a pioneer in the Bitcoin investment space. However, its 2.5% management fee appeared to drive investors toward more cost-effective alternatives, such as Grayscale’s newer Bitcoin Mini Trust, which charges a reduced annual fee of 0.15%.
Bitcoin ETFs Take Center Stage
Spot Bitcoin ETFs debuted in the U.S. in January after years of regulatory hurdles. The approval sparked renewed interest in crypto markets, which were further boosted by Donald Trump’s unexpected victory in the 2024 U.S. presidential election. Many in the industry viewed his win as a positive signal for the crypto sector.
November marked a milestone as U.S. Bitcoin ETFs surpassed $100 billion in net assets for the first time, according to Bloomberg Intelligence.
Nate Geraci, president of The ETF Store, highlighted Bitcoin’s dominance in the ETF market. “Bitcoin ETFs accounted for six of the top 10 most successful ETF launches this year,” Geraci shared on the X platform.
Among approximately 400 new ETFs introduced in 2024, the top four in terms of inflows were all spot Bitcoin ETFs, showcasing the cryptocurrency’s continued appeal to investors.
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