Fidelity

In brief

• Bitcoin ETFs saw their best day of trading since May 2 on Monday.
• Fidelity’s Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF accounted for more than half of inflows into BTC ETFs.
• BlackRock’s iShares Bitcoin Trust continues to dominate as the single biggest player in the market, pulling in $305.9 million on Monday.

Bitcoin ETFs have seen their best day of trading since the start of May, with smaller funds enjoying healthy inflows.

Fidelity’s Wise Origin Bitcoin Fund (FBTC), the second-largest spot ETF in the U.S., saw its net assets rise by $188 million in just 24 hours, per data from SoSoValue.

Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB)—in fourth place after the Grayscale Bitcoin Trust—clocked inflows of $155 million, with the two funds between them accounting for more than half of the funds invested across all spot BTC ETFs on Monday.

Total inflows for the day stood at $667.4 million, with Bitcoin trading above $100,000 for 12 consecutive days and securing its highest weekly close in history.

At time of publication, Bitcoin is trading at $105,137, up 2.1% on the day, per data from CoinGecko.

BlackRock’s IBIT dominates flows

As usual, BlackRock’s iShares Bitcoin Trust (IBIT)—which is bigger than Wall Street’s other 11 BTC ETFs combined—took the lion’s share of inflows, pulling in $305.9 million of investment yesterday. That takes IBIT’s total net assets to $66.9 billion, equivalent to about 3.2% of Bitcoin’s market capitalization.

Beyond BTC’s bullish momentum, hedge funds are seeking to capitalize on the difference between Bitcoin’s spot price and long-dated futures, with yields from the basis trade proving attractive.

IBIT’s inflows so far this year stand at $8.3 billion, making it the sixth-most popular fund on Wall Street, according to Bloomberg senior ETF analyst Eric Balchunas. That’s streets ahead of the SDPR Gold Trust in 17th place, despite the precious metal outperforming Bitcoin since the start of the year.

Also notable leaderboard action: $IBIT has climbed up to 6th spot and is now nearly DOUBLE the inflow into $GLD which has slid to 17th, despite gold doubling bitcoin’s performance YTD altho that prob won’t last. pic.twitter.com/HYTfC2SZZP

— Eric Balchunas (@EricBalchunas) May 19, 2025

While gold prices have accelerated by more than 22% so far in 2025—fueled by uncertainty over U.S. President Donald Trump’s tariffs—BTC’s gains currently stand at a more modest 12%.

One notable absence from the Bitcoin ETF space has been Vanguard, which has long regarded crypto as “more of a speculation than an investment” that doesn’t belong in investor portfolios.

Balchunas believes the asset management giant is unlikely to perform a U-turn and launch a fund of its own—but he suggested that Vanguard may allow existing ETFs to be traded on its platform if Bitcoin continues to rise.

Should Bitcoin’s price hit the $150,000-$200,000 price range, he wrote, “they gonna get sick of being asked about it by customers and their new CEO is one of IBIT’s parents.”

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