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BlackRock and Fidelity have captured most U.S. spot Bitcoin ETF inflows since the products launched in January 2024, according to flow data compiled by Farside Investors. The pattern suggests that smaller issuers are struggling to meaningfully influence overall market direction, while the two largest funds frequently absorb the bulk of institutional allocations.
When U.S. spot Bitcoin ETFs began trading in January 2024, investors had more than a dozen products to choose from. Over time, repeated flow sessions show BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) dominating net inflows.
On January 14, spot Bitcoin ETFs recorded $840.6 million in net inflows. IBIT attracted $648.4 million, while FBTC added $125.4 million—together representing over 90% of that day’s total inflows.
On April 17, total inflows across all products reached $663.9 million. IBIT collected $284 million and FBTC collected $163.4 million, with the two funds accounting for roughly two-thirds of new capital entering the sector.
On May 1, total inflows hit $629.8 million. IBIT contributed $284.4 million and FBTC added $213.4 million. Combined, the pair drew nearly $500 million of that day’s allocations.
Bitcoin has declined about 29% year-to-date, which has weighed on the broader crypto ETF complex. Between mid-May and early June, several sessions recorded heavy net outflows. Even with weaker sentiment, IBIT and FBTC frequently absorbed or limited redemptions.
BlackRock manages over $10 trillion in global assets and has extensive distribution networks. Fidelity also operates one of the largest U.S. brokerage and retirement platforms. These scale advantages can support trading volume, liquidity, and access for advisers and institutions.
Many buyers include registered investment advisers, hedge funds, family offices, and pension consultants. For these allocators, issuer reputation and liquidity are key factors in selecting products, leading many to treat IBIT and FBTC as default vehicles for Bitcoin exposure.
Smaller funds often post modest daily flow figures. Franklin Templeton’s EZBC, VanEck’s HODL, Valkyrie’s BRRR, and WisdomTree’s BTCW frequently record single-digit-million inflows. In many sessions, their flows do not materially alter the sector’s overall direction.
Bitwise’s BITB and Ark’s ARKB also trail the two largest funds this year. Earlier in 2026, Trump Media & Technology Group withdrew plans for a proposed spot Bitcoin ETF, following intensified competition led by BlackRock and Fidelity.
During volatile sessions, capital shifts primarily into or out of IBIT and FBTC. When investors buy aggressively, most inflows concentrate in those products. When selling increases, their activity often determines whether the sector records net inflows or net outflows.
