Bitcoin spot ETF divergence intensifies: BlackRock IBIT exclusively attracts net inflow, Fidelity withdraws 312 million in reverse.

According to the latest news, on January 6th, Eastern Time, there was a clear divergence in the flow of Bitcoin spot ETFs. The overall market experienced a total net outflow of $243 million, but BlackRock’s IBIT achieved a solo net inflow of $229 million, forming a stark contrast. Meanwhile, Fidelity’s FBTC saw a single-day net outflow of $312 million, marking the largest recent single-day outflow. This phenomenon reflects the differentiated strategies of institutional investors and subtle changes in market confidence.

BlackRock’s Continued Strong Positioning

BlackRock further consolidates its dominant position in the Bitcoin spot ETF market. IBIT recorded a single-day net inflow of $229 million, with a total net inflow of $62.981 billion historically, holding an absolute leading position. This is not only a numerical advantage but also indicates ongoing recognition of BlackRock’s products by institutional investors.

It is worth noting that BlackRock’s actions go beyond the ETF level. According to on-chain data, on January 7th, BlackRock’s addresses withdrew 3,948 BTC (worth $367.93 million) and 1,737 ETH (worth $5.65 million) from Coinbase. Over the past two days, a total of 7,146 BTC and 6,851 ETH have been withdrawn. Such large-scale on-chain withdrawals typically suggest long-term holding intentions rather than short-term trading.

Fidelity’s Reverse Withdrawals and Market Divergence

Contrasting with BlackRock’s continuous buying, Fidelity’s FBTC experienced a single-day net outflow of $312 million yesterday. Although the total net inflow of FBTC still reaches $12.082 billion, recent withdrawal behavior indicates differing attitudes among market participants. This divergence may stem from varying institutional judgments on the short-term market trend.

Market Scale and Growing Institutional Recognition

As of press time, the total net asset value of Bitcoin spot ETFs reached $120.855 billion, accounting for 6.54% of Bitcoin’s total market capitalization. This means that about $6.54 of every $100 of Bitcoin market value is held through spot ETFs. Although this proportion may seem modest, considering that spot ETFs have been available for less than two years, the growth rate is quite impressive.

More importantly, institutional recognition is rapidly increasing. Starting January 5th, U.S. banks officially allowed their wealth advisors to recommend up to 4% Bitcoin asset allocation to clients, signaling a significant shift in attitude among traditional financial institutions.

The Logic Behind Market Divergence

Yesterday, there was an overall net outflow of $243 million, but this should not be interpreted as a bearish market signal. In fact, it reflects the differentiated decisions of market participants. BlackRock’s continued accumulation and large-scale on-chain withdrawals indicate that at least some institutional investors remain optimistic about the long-term outlook. Fidelity’s reduction may reflect caution toward short-term volatility rather than a negation of Bitcoin itself.

Historical data shows that the total net inflow of Bitcoin spot ETFs has reached $57.538 billion, serving as the best proof of overall market acceptance.

Summary

The divergence in Bitcoin spot ETF flows demonstrates market maturity rather than bearish sentiment. BlackRock’s exclusive net inflow and large-scale withdrawal behavior show institutional investors’ long-term positioning intentions. Policy support from traditional financial institutions like U.S. banks also sends positive signals. Although short-term disagreements exist, from the perspective of institutional deployment and policy environment, institutional recognition is expected to continue rising into 2026. Future focus should be on whether major institutions like BlackRock maintain their accumulation pace, which will directly influence the mid-term market trend.