BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the dominant player in the cryptocurrency exchange-traded fund (ETF) market, recording over $37 billion in net inflows in 2024, according to data from Farside Investors.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured the second spot at nearly $12 billion in net inflows. Other major Bitcoin funds also saw notable inflows over the past year.
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BlackRock Dominates in Ethereum ETFs As Well
BlackRock’s dominance extended beyond Bitcoin ETFs. Its iShares Ethereum Trust (ETHA) also led the pack in the Ether ETF category, pulling in $3.5 billion in net inflows. Fidelity’s Ethereum Fund (FETH) followed with $1.5 billion.
“Fidelity is a closer second here, achieving 44% of BlackRock’s total inflows compared to 31% in Bitcoin,” noted Farside in a Dec. 31 update.
U.S.-listed Bitcoin ETFs attracted over $35 billion in net inflows during the year, averaging approximately $144 million daily. The figure accounts for more than $20 billion in net outflows from the Grayscale Bitcoin Trust (GBTC).
Bitcoin had an incredible $35.2bn of inflow for the year. That is an incredible $144m of net inflow for each day the ETFs were open pic.twitter.com/ELjPE6kq70
— Farside Investors (@FarsideUK) December 31, 2024
Since the launch of spot Bitcoin ETFs, GBTC has faced declining interest due to its higher % management fees of 2.5%. Grayscale’s newer and cheaper Bitcoin Mini Trust, launched in July, charges a reduced annual fee of 0.15%.
The first U.S. Bitcoin ETFs were launched in January following years of regulatory challenges. The market’s momentum was further fueled by a surge in crypto enthusiasm after Donald Trump’s presidential election victory, which many believe could favor the industry.
According to Bloomberg Intelligence, by November, U.S. Bitcoin ETFs surpassed $100 billion in net assets for the first time. Spot Bitcoin ETFs have dominated the ETF landscape in 2024, with six of the top ten launches being BTC-focused.
According to Nate Geraci, president of The ETF Store, the top four in terms of inflows were all spot Bitcoin ETFs, out of around 400 launched this year.
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BlackRock’s Bitcoin ETF Sees Record Outflow Near Year-End
On December 24, BlackRock’s Bitcoin ETF recorded its largest-ever single-day outflow. The fund saw outflows of $188.7 million, surpassing its previous high of $72.7 million just days earlier.
The outflows were part of a larger wave of withdrawals that swept across US-based spot Bitcoin ETFs. Collectively, these funds experienced outflows totaling $338.4 million on Christmas Eve alone, with net outflows reaching $1.52 billion over four consecutive trading days.
On December 31, both spot Bitcoin and Ethereum ETFs saw notable inflows after a broader market downturn, which led to heavy losses for both assets.
According to SoSoValue data, 12 spot Bitcoin ETFs experienced a net inflow of $5.32 million, ending a two-day streak of over $723 million in outflows. Fidelity’s FBTC led the pack with a $36.81 million inflow, while Bitwise’s BITB and Grayscale Bitcoin Mini Trust saw additional contributions of $8.68 million and $4.14 million, respectively.
Ethereum ETFs also made a strong recovery on the same day, with $35.93 million flowing into the 9 spot Ethereum ETFs after a previous day of $55.41 million in outflows.
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