Two investment advisors are enthusiastically embracing the Fidelity Bitcoin ETF (FBTC) with over $40 million worth of investments. Moreover, Bloomberg analyst Eric Balchunas deems it a significant turning point in crypto adoption. This comes amid a resurgence in the Bitcoin ETF inflows after gigantic outflows last week.
Investment Firms Wager $40 Million On FBTC
In a post on X, Balchunas wrote, “We have a new high water mark for investment into one of the bitcoin ETFs.” He revealed that two advisors each committed $20 million to FBTC, representing 6% and 5% of their portfolios, respectively. Furthermore, Balchunas also pointed out that this investment surpasses the previous record set by an advisor’s $17 million allocation to BlackRock’s IBIT Bitcoin ETF.
Describing the situation, Balchunas remarked, “Likely a wonderful sight for those hoping to see long-term adoption and an absolute nightmare for the RIA Skeptics Branch of the Underwhelmers Club.” In addition, he further emphasized the potential for more revelations.
Balchunas stated, “We still have 5-6 weeks of more 13F reporting like this too. We could see 500-1000 firms like this reporting holdings once dust settles.” This influx of investment underscores the growing confidence in cryptocurrencies among traditional investment circles.
Also Read: Victory Securities Unveils Next Big Thing In Spot Bitcoin & Ethereum ETF
Spot Bitcoin ETF Inflows Rebound
On April 22nd, the BlackRock’s IBIT saw another inflow of $19.4 million, marking its 70th consecutive day of inflows since its launch. This streak places BlackRock’s IBIT ETF among the top ten exchange-traded funds with the longest daily streaks of inflows. Meanwhile the BTC ETFs collectively witnessed an inflow of $62.2 million.
Currently, BlackRock’s IBIT Bitcoin ETF holds over $15.4 billion worth of Bitcoins at its current price. While BlackRock continues to see continuous inflows, the Grayscale Bitcoin ETF has experienced ongoing outflows. BlackRock’s IBIT is steadily narrowing the gap with GBTC and could soon become the largest Bitcoin fund in the market.
Total net inflows across all funds amounted to $62.0899 million, with Grayscale GBTC seeing a single-day net outflow of $34.993 million. In contrast, Fidelity ETF FBTC recorded a single-day net inflow of $34.83 million. In the past three trading sessions, Fidelity’s FBTC has surpassed BlackRock’s IBIT in terms of daily inflows.
The historical cumulative net inflow for Spot Bitcoin ETFs has now reached an impressive $12.38 billion. Whilst, Bitwise CEO Hunter Horsley recently suggested that wealth management firms are likely to further increase their exposure to these ETFs.
Also Read: BlackRock Bitcoin ETF IBIT Enters Top 10 ETF List With Longest Inflows
The post Bitcoin ETF Regain Momentum As Investment Advisors Pour $40M In FBTC appeared first on CoinGape.
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