Fidelity Leads the Way as Spot Bitcoin ETFs See Big Inflows

The Fidelity Bitcoin ETF FBTC received $220 million in inflows on Wednesday, bringing its total assets under management to over $9.5 billion. With Bitcoin’s price surging beyond $71,000 recently, U.S.-based spot Bitcoin ETFs have seen significant inflows, totaling about $500 million on Wednesday. Fidelity’s FBTC has taken the lead in inflows, surpassing BlackRock. Despite BlackRock’s historical dominance, Fidelity’s FBTC has now overtaken it. The total inflows in the last two days reached nearly $600 million. Fidelity remains a major rival to BlackRock in terms of assets managed by spot Bitcoin ETFs, with FBTC half the size of BlackRock’s IBIT. Bitcoin spot ETFs recorded a net inflow of $488 million on June 5, marking the 17th consecutive day of positive inflows. Grayscale Bitcoin ETF GBTC received $14.58 million on Wednesday, while BlackRock’s IBIT received $155 million. Bitcoin spot ETFs have recorded net inflows of $15.338 billion so far. The price of Bitcoin has increased by around 1.9% in the last day, reaching a peak of $71,735 and surpassing $71,000. If BTC breaks above the critical resistance level of $72,000, it may signal further bullish momentum and higher prices. In other crypto news today, a Ponzi scheme promoter faces 20 years in prison for an $8.4 million fraud.