BlackRock's IBIT and Fidelity's FBTC accounted for 79% of the total inflows of nine Bitcoin ETFs

Bloomberg reported that the strong rise in Bitcoin has driven record inflows into spot Bitcoin ETFs, consolidating investors' favor for this new asset class. Among them, BlackRock Inc.'s iShares Bitcoin Trust (IBIT) and Fidelity Investments' FBTC accounted for 79% of the total inflows of nine ETFs. According to Bloomberg's analysis of fund website data, four out of the remaining seven funds have reduced fees to below the level of these two companies. Valkyrie Investments cut its fee from 0.49% before SEC approval to nearly half at 0.25%. Franklin Templeton reduced its initial management fee by 10 basis points and now has a rate as low as industry-leading 0.19%. Only Bitwise did not make any changes.