BlackRock’s IBIT Took In $196 Million in a Day. Fidelity’s FBTC Had One Positive Day All Week.

In a surprising turn of events, BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) recorded a remarkable $196 million in inflows on October 1, 2026. This was the largest single-day inflow for any U.S. spot Bitcoin (CRYPTO: BTC) fund that week. In contrast, the Fidelity Wise Origin Bitcoin Fund (CBOE: FBTC) experienced a challenging day, facing $61 million in outflows and finishing the week with only one day of positive inflows.

This stark contrast highlights IBIT vs. FBTC performance, especially since both funds invest in the same cryptocurrency and charge an identical annual fee of 0.25%. Notably, over the four days from September 28 to October 1, the 12 U.S. spot Bitcoin funds collectively took in around $51 million, according to SoSoValue. So, what’s behind investors’ preference for IBIT while withdrawing funds from FBTC?

IBIT Took In $292 Million While FBTC Lost $197 Million in Four Days

Fund flows represent the net amount of money that investors pour into an ETF or withdraw from it. When new funds come in, large dealers create new shares, and when money leaves, they redeem shares. This flow activity reflects demand for a fund, not Bitcoin’s price movements alone.

On September 28, IBIT welcomed $55 million, followed by an additional $51 million on September 29. Meanwhile, FBTC recorded an outflow of $11 million on September 28 and experienced no net inflow on September 29.

The situation escalated on September 30. All spot Bitcoin funds saw a total outflow of $149 million in one day, with FBTC alone contributing a staggering $126 million. IBIT, however, was more resilient, experiencing only a $10 million outflow. The following day, October 1, IBIT rebounded with an impressive $196 million inflow, helping lift the overall group to a $103 million inflow, even as FBTC suffered another $61 million outflow.

FBTC’s Outflows Came Right After a $702 Million Week

Despite FBTC’s recent struggles, it had enjoyed a successful streak just prior. From September 21 to 25, FBTC garnered $702 million, while IBIT attracted $1.16 billion—part of a larger $2.4 billion week for U.S. spot Bitcoin funds.

The timing of these movements is further influenced by the calendar. September 30 marked the last trading day of the third quarter, when pension funds and advisors often rebalance their portfolios, trimming holdings that have exceeded their target allocation. Given that Bitcoin surged about 36% in the third quarter, managers holding FBTC likely had incentives to sell some stakes as the new quarter began.

FBTC secured $29 million in inflows on October 2, its sole positive inflow of the week. Overall, this leaves FBTC down about $168 million over five days, less than a quarter of what it attracted the previous week.

Why Investors Pick IBIT Over FBTC When Both Hold the Same Bitcoin

The fee structure doesn’t explain the trend since both IBIT and FBTC charge a 0.25% annual fee. A key factor is size: IBIT held roughly $67 billion in net assets as of September 28, accounting for about 62% of the total $109 billion across all U.S. spot Bitcoin funds.

This significant size makes IBIT easier for large trades. The biggest fund typically has a narrower gap between buying and selling prices, allowing institutions to execute large trades without significantly affecting the market price. Consequently, large new orders often favor IBIT first, as observed during the $2.3 billion surge in late September.

Brokerage access also influences the situation. Some brokerages and advisory platforms approve certain funds over others, and Fidelity markets FBTC through its own brokerage. Notably, Fidelity has yet to comment on the recent outflows, leaving the sellers’ identities unclear.

Are Investors Shifting From FBTC to IBIT?

The current flow data doesn’t conclusively indicate that investors are moving money directly from FBTC to IBIT. The largest exits from FBTC aligned with the end of the quarter, immediately after a strong week of $702 million in inflows. On October 2, FBTC showed signs of life with a $29 million inflow. IBIT’s remarkable $196 million inflow, however, seems to reflect investors specifically choosing the larger fund.

While this analysis focuses on a single week, IBIT’s 62% market share may continue attracting substantial new orders.

The coming week, starting October 5, could serve as a defining moment. If FBTC continues to report outflows while IBIT continues to see inflows, it may suggest a longer-term shift towards BlackRock’s fund. Conversely, if FBTC returns to consistent inflows, it might reflect quarter-end selling dynamics, and the overall outlook for Bitcoin could influence both funds more than the recent disparity suggests.

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