Fidelity and BlackRock Are Dominating the Bitcoin ETF Market
Following the launch of spot Bitcoin ETFs on the American market, the cryptocurrency has seen a decrease in value of approximately 20%. The most popular Bitcoin ETFs were those offered by Fidelity and BlackRock, with the tickers FBTC and IBIT.
According to Bloomberg, these funds raised $1.6 billion and $1.9 billion respectively. This means that the two largest asset management companies accounted for about 70% of the total capital invested in spot ETFs.
Analysts at VettaFi believe that institutional investors have primarily chosen to invest in Fidelity and BlackRock crypto funds due to their strong reputation on Wall Street and significant financial resources to manage potential risks associated with the volatile cryptocurrency market.
The analysts also predict that competition in the crypto fund market will become more intense, with Fidelity and BlackRock maintaining their dominant position as their digital asset volume continues to grow. Bitwise’s ETF, labeled BITB, rounds out the top three spot Bitcoin ETFs with a net inflow of $518 million over two weeks.
According to Anthony Scaramucci of SkyBridge Capital, BlackRock and Fidelity will likely remain at the forefront of the spot Bitcoin ETF market.
