"BlackRock and Fidelity Lead Bitcoin ETF Race with $700M Inflows"

BlackRock and Fidelity's spot Bitcoin ETFs, IBIT and FBTC, made it to the top 10 ETFs by net asset flows for January, despite only being available for 14 days. IBIT accounted for $2.7 billion and FBTC for $2.3 billion in net asset flows. However, the pre-approval hype around spot Bitcoin ETFs quickly dissipated, leading to a selloff and causing Bitcoin to lose its ETF gains. Grayscale's GBTC saw the second-largest outflow of any ETF in January, with $5.7 billion worth of shares being sold after its conversion to a spot Bitcoin ETF.