Fidelity's Wise Origin Bitcoin Fund (FBTC) pulled in $310.72 million in net inflows on September 18, commanding roughly 72% of that day's total across US spot Bitcoin ETFs. Combined with BlackRock's IBIT, the two funds took in about 97% of the day's capital.
Fidelity's spot Bitcoin ETF, known by its ticker FBTC, pulled in $310.72 million in net inflows on September 18, dwarfing every other product in the category. That single day's haul commanded roughly 72% of the entire day's inflows across all US spot Bitcoin ETFs.
Total net inflows across all US spot Bitcoin ETFs hit $433 million that day. Between Fidelity and BlackRock's IBIT, which added $108 million, the two funds together represented about 97% of the capital that flowed in.
A pattern, not a fluke
Back in August, FBTC recorded a nine-day consecutive net buying streak that totaled $413.1 million. What happened on September 18 amounts to roughly 75% of that entire multi-week accumulation, compressed into a single trading session.
Since FBTC launched in January 2024, cumulative net inflows into the fund have reached approximately $10.36 billion, trailing only BlackRock's IBIT in total capital attracted. Total assets under management for US spot Bitcoin ETFs collectively hit $102.53 billion as of September 18. That pool represents 6.29% of Bitcoin's entire market capitalization.
What the flows mean for market structure
When FBTC receives net subscriptions of that size, the fund's authorized participants must acquire an equivalent dollar amount of Bitcoin on the open market or through OTC desks to create new shares. That demand feeds directly into Bitcoin's order books, tightening available supply and, all else equal, supporting price.
With $102.53 billion now sitting in these products, the ETF complex has moved from a novel experiment into a structural pillar of the asset. Every 16th dollar of Bitcoin's total valuation is now held by a US-listed ETF. However, when two funds capture 97% of a day's inflows, the remaining dozen-odd products are left competing for scraps, raising real questions about their long-term viability in a winner-take-most market.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
