Bitcoin ETF · Bitcoin · Blue Origin · CoinDesk
BlackRock and Fidelity are quietly turning bitcoin ETFs into a two-company market
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When U.S. spot bitcoin exchange-traded funds (ETFs) launched in January 2024, investors had more than a dozen funds to choose from.
Key facts
- On May 1, total inflows reached $629.8 million, with IBIT contributing $284.4 million and FBTC adding $213.4 million
- IBIT alone accounted for $648.4 million of that total, while FBTC added another $125.4 million
- On January 14, bitcoin ETFs recorded net inflows of $840.6 million, according to data from Farside Investors
- A similar pattern appeared on April 17, when total inflows reached $663.9 million
Summary
BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund now dominate U.S. spot bitcoin ETFs, regularly capturing most new inflows. Despite a roughly 29% year-to-date decline in bitcoin and waves of ETF redemptions, IBIT and FBTC have often acted as stabilizing forces, attracting capital even when rivals see outflows. The market is shifting toward a winner-take-most structure in which scale, liquidity and distribution networks favor BlackRock and Fidelity, leaving smaller issuers with minimal influence on overall flows. Eighteen months later, the battle increasingly looks like a two-player race.