BlackRock’s iShares Bitcoin Trust is separating itself from Fidelity’s Wise Origin Bitcoin Fund in recent flow data, even though both products hold Bitcoin and charge the same 0.25% annual fee.
The supplied source says IBIT attracted $196 million on October 1, the largest one-day inflow among U.S. spot Bitcoin funds that week, while FBTC posted a $61 million outflow. Over September 28 through October 1, IBIT took in about $292 million while FBTC lost roughly $197 million.
The contrast does not necessarily mean investors are directly rotating from Fidelity into BlackRock. Quarter-end rebalancing is an important alternative explanation. FBTC had gathered $702 million in the prior week, and September 30 was the last trading day of the third quarter, when large allocators often rebalance positions.
Still, IBIT has a structural advantage in scale. The source says it held about $67 billion in net assets as of September 28, roughly 62% of the $109 billion held across U.S. spot Bitcoin funds. Larger funds often offer deeper liquidity and can be easier for institutions to trade in size.
What investors should watch next is whether the divergence persists beyond quarter-end. If IBIT keeps attracting large inflows while FBTC continues to lose assets, that would point to a more durable market-share shift. If FBTC rebounds, the recent gap may have been mostly calendar-driven.
BTI’s bottom line: the story is not about different Bitcoin exposure. It is about ETF market structure. Scale, liquidity and distribution can create a self-reinforcing advantage even when competing products hold the same asset and charge the same fee.