Fidelity’s FBTC outperforms Grayscale’s GBTC in this negative trend

Since mid-January, when the 11 Bitcoin ETFs saw the light of day, Grayscale’s converted GBTC has been at the forefront of exits. Ultimately, this led to the loss of its crown as the world’s largest exchange-traded fund tracking the performance of BTC.

In the last two trading days of this week, however, the tides turned and that negative premium went to Fidelity’s FBTC.

FarSide data shows overall departures for the week, with four out of five trading days in the red. In total, the 11 ETFs saw the withdrawal of $64.9 million on Monday, $200.4 million on Tuesday, $226.2 million on Thursday and $189.9 million on Friday. The only exception was June 12, with $100.8 million in admissions.

What is worth noting is that Grascayle’s GBTC, which has seen more than $18 billion in outflows since its conversion, was not on top for two consecutive days: Thursday and Friday. GBTC pulled in $61.5 million and $52.3 million on Thursday and Friday, respectively.

At the same time, Fidelity’s FBTC outflows soared to $106.4 million on Thursday and $80.1 million on Friday. As such, this is the first time another ETF has received such adverse recognition from Grayscale’s GBTC for two consecutive days.

As expected, net outflows of more than $550 million in one week from all ETFs hurt bitcoin price movements.

The asset was hit hard by the US CPI data and subsequent FOMC meeting, both of which took place mid-week, but had recovered a lot of ground and even challenged $70,000.

However, it failed there and fell to $66,000 on Friday evening, which became its lowest price position in a month. This is only to highlight the effects of the ETF on the price movements of the underlying asset.

Prior to June 10, ETFs were on a month-long streak of consecutive days of inflows, which sent prices soaring from about $60,000 to about $72,000.

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