NEW YORK, August 21, 2026, 17:30 EDT
- Fidelity’s FBTC recorded inflows of $64.74 million on August 20.
- BlackRock accounted for nearly 82% of the $606.3 million in inflows to the category.
- FBTC finished Friday at $67.47, gaining 6.65%, with 4.87 million shares changing hands.
Fidelity Wise Origin Bitcoin Fund (CBOE:FBTC) attracted $64.74 million on Thursday. However, BlackRock, Inc. NYSE:BLK dominated fresh inflows, with its IBIT fund pulling in $502.99 million—accounting for almost 82% of all category inflows.
The main indicator for investors is that concentration. FBTC saw inflows amounting to about 0.58% of its most recent $11.22 billion in assets. IBIT drew in around 0.97% relative to its $51.75 billion in assets. Fidelity experienced asset growth, but BlackRock increased its market share at a quicker pace.
The shift was pronounced. U.S. spot bitcoin funds pulled in $606.3 million on August 20, marking their fourth consecutive session of net inflows and the highest daily total since May. Inflows over the four days totaled around $1.61 billion.
| Fund | Net flow on August 20 | Category flow share |
|---|---|---|
| IBIT | $502.99 million | 82.96% |
| FBTC | $64.74 million | 10.68% |
| BITB | $26.39 million | 4.35% |
| ARKB | $12.15 million | 2.00% |
| HODL | -$3.59 million | -0.59% |
| All U.S. spot funds | $606.29 million | 100% |
FBTC continued to track the asset’s surge. The fund ended Friday at $67.47, rising 6.65%. Trading volume totaled 4.87 million shares. Bitcoin settled around $77,400, having earlier reached $79,463—its highest point since May.
| Fund | August 21 close | Daily change | Volume |
|---|---|---|---|
| IBIT | $43.99 | up 6.76% | 83.62 million |
| FBTC | $67.47 | up 6.65% | 4.87 million |
| ARKB | $25.72 | up 6.71% | 2.38 million |
| BITB | $42.08 | up 6.65% | 1.94 million |
| HODL | $21.94 | up 6.64% | 975,860 |
Treasury’s announcement on expanding long-term bond buybacks pushed yields down and pressured the dollar, providing a boost to scarce, liquid assets. This macro catalyst triggered a rally that subsequently forced the closure of more than $4.3 billion in crypto short positions.
Regulatory factors were highlighted by analysts. Bernstein noted the recovery reflected a shift in momentum fuelled by liquidity. Naeem Aslam at Zaye Capital Markets said the latest policy efforts “reduces regulatory uncertainty.” This, he added, could broaden allocations among banks and asset managers. The Block; Barron’s
| Analyst or firm | Recommendation / outlook | Time frame | Core evidence |
|---|---|---|---|
| Bernstein analysts | Momentum turning positive | Near term | Liquidity conditions are better and ETF inflows are increasing |
| Naeem Aslam, Zaye Capital Markets | Positive on allocation appetite | Policy cycle | Decreased regulatory uncertainty |
| Geoffrey Kendrick, Standard Chartered | Bitcoin forecast at $100,000 | End-2026 | Comeback driven by institutional buying |
Fidelity applies an annual fee of 0.25%. FBTC follows the Fidelity Bitcoin Reference Rate with a passive strategy, holding bitcoin directly instead of using derivatives. There is no dividend paid. This setup streamlines tracking, but means the fund’s returns depend almost solely on bitcoin price movements.
The impact of that exposure is visible on its balance sheet. As of March 31, FBTC held 188,144 bitcoin. Net assets totaled $12.82 billion, a decline from $17.64 billion at the end of the year. The fund cited a $3.74 billion drop from operations for the quarter.
Fidelity subsequently included BitGo as an additional approved custodian, alongside its ongoing partnership with Fidelity Digital Assets. In February, the sponsor stated there were no immediate intentions to relocate assets. The new option lessens reliance on one provider, although custody risks remain.
Investors now face a clear test: a further week of gains would indicate that regulated demand remains strong following Friday’s price surge. FBTC needs to increase its portion of incoming funds as well. Merely following price performance will not allow it to narrow its distribution gap with IBIT.
Risks: Unlike Bitcoin, FBTC is not traded around the clock. A price swing over the weekend could lead to a gap when markets open on Monday. Premiums supported by inflows may quickly reverse due to redemptions, problems with custody, shifts in regulations, or another rise in yields.
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