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Is Fidelity's FBTC fast-becoming a suitable rival to BlackRock's popular IBIT? Marco Verch/flickr

KEY POINTS

  • FBTC added 3,104 BTC on Thursday, compared to IBIT's 2,186 Bitcoin
  • Fidelity's Bitcoin ETF also added 5,387 BTC on Wednesday, compared to IBIT's 3,894 BTC haul
  • Companies that lodged 13-F filings revealed FBTC is gaining traction among institutional investors

Nine Bitcoin exchange-traded funds (ETFs) added millions worth of BTC on Thursday, and Fidelity Investments' Fidelity Wise Origin Bitcoin Fund (FBTC) led the group, as per on-chain data.

The data compiled by blockchain analytics firm Lookonchain revealed that FBTC added 3,104 Bitcoin on Thursday worth around $221.3 million, based on current prices. BlackRock's iShares Bitcoin Trust (IBTC) was the second-best Thursday as it added 2,186 BTC worth some $155.8 million.

In the past seven days, IBIT recorded 8,608 additional Bitcoin, while FBTC added 11,412 more Bitcoin.

BlackRock's IBIT remains the largest Bitcoin holder in the pack, with a total of 297,644 BTC holdings worth over $21 billion, but Fidelity's FBTC, which has been on a roll in the past two days, now holds 173,715 Bitcoin worth over $12 billion.

Overall, nine ETFs, including ARK 21Shares' ARKB and Bitwise's BITB, snapped up a staggering 6,907 BTC worth over $492.4 million on Thursday.

Fidelity's Bitcoin ETF also performed well the previous day, adding 5,378 BTC, while BlackRock's IBIT, which has been a huge favorite among retail investors since the U.S. Securities and Exchange Commission (SEC) approved the funds in January, added 3,894 Bitcoin on Wednesday.

The cryptocurrency community on X (formerly Twitter) took the news well. One user said such massive additions by Fidelity and BlackRock's Bitcoin ETFs are "clearly showing growing institutional interest in BTC." Another user said the figures are "getting crazy day by day" and could indicate that Bitcoin can jump to $80,000 "any day now."

BlackRock's IBIT has largely dominated the spot BTC ETF space since January. However, recent 13-F filings of various companies showed that interest in Fidelity's FBTC has been rising among institutional investors. For instance, hedge fund Millennium Management revealed that it holds around $844 million worth of IBIT and over $806 million worth of FBTC.

Millennium has been dubbed as the "King of Bitcoin ETF holders," and the close numbers in its IBIT and FBTC holdings suggest competition against IBIT, the world's largest crypto ETF, is heating up as more traditional investors dabble join the Bitcoin ETF craze.

There's also market maker Susquehanna's billion-dollar BTC ETF treasury that holds some $83.7 million worth of FBTC.

Meanwhile, IBIT retained the overall lead in last month's Bitcoin ETFs inflow records. The fund raked in $1.1 billion, followed by FBTC, with over $937,000 in inflows in the past month. Senior Bloomberg ETF analyst Eric Balchunas said the inflow streak only shows that the funds have "staying power" in the vast financial industry.

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