Bitcoin Crosses $100K—But Are Rich People Finally Bored With It? 🤔

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  • BTC ETFs still letting the money trickle in, but decidedly less giddy despite Bitcoin’s ostentatious leap past $100K.
  • Fidelity surges ahead as BlackRock’s ETF looks curiously fatigued, perhaps in need of a spa day.

And so, with a flourish and the faint odour of burnt toast, Bitcoin has galumphed past the $100,000 barrier, inciting a fresh bout of euphoria in the crypto hinterlands. Spot Bitcoin [BTC] ETFs, as usual, affixed themselves to the commotion, basking in the reflected delirium like minor aristocrats at the Prince’s ball. 🕺

Bitcoin ETFs: The Inflow Waltz (with Two Left Feet)

These U.S.-listed concoctions—half investment vehicle, half existential dare—recently recovered from an outflow episode attributed to tariff tantrums. In a dazzlingly brief window (7 and 8 May, for anyone still keeping receipts), Bitcoin ETFs found themselves on the receiving end of $260 million in investor largesse.

This apparently signals a robust institutional appetite, though “robust” here feels as convincing as a tepid canapé at a hedge fund Christmas party.

Yet, despite Bitcoin’s surging price tag, the ETF inflows now tread lightly—perhaps wary of spilling their metaphorical champagne. The days of exuberant, bouncing inflows (to the tune of $917 million!) are but memories, as recent numbers suggest a more reserved, if polite, optimism.

Last week’s fevered pitches have cooled, with inflows now at a much tamer $142.3 million and $117.4 million—to the disappointment of anyone hoping for scenes akin to a Black Friday sale at Fortnum & Mason.

Fidelity vs. BlackRock: Clash of the Titans, or Last Orders at the Bar?

Most riveting in this slow-motion drama is the shifting stance of institutional grandees. BlackRock’s monolithic iShares Bitcoin Trust (IBIT) had previously guzzled inflows with a zeal bordering on greed—snapping up $643.2 million in a single April sitting.

Now, however, it finds itself short of breath, struggling to rouse anything beyond $30–$70 million daily, like a debutante awkwardly recalling last season’s waltz. Has BlackRock gone shy, or are there simply no more truffles left in the dish?

Meanwhile, Fidelity’s Wise Origin Bitcoin Fund (FBTC), brushed off from last week’s net outflows, is suddenly sprightly, nabbing more than $75 million in a suspiciously brisk two-day window. Who knew revenge could be so tastefully understated?

If this keeps up, Fidelity may reclaim its place at the crypto aristocracy’s high table, or at very least, secure the last vol-au-vent.

A Token for Your Thoughts: Fidelity’s Other Salvos

Elsewhere, the rituals are less jubilant. Ethereum [ETH] funds appear to be suffering from the financial equivalent of the Sunday scaries. On 8 May, Ether ETFs bled out $16.1 million, and not a trickle dripped into the remaining eight Ether funds—presumably busy reading Proust and wallowing in existential gloom.

Fidelity, ever the opportunist, has sidestepped ETH ennui by sashaying into Solana [SOL] territory, with its shiny new ETF filing gleefully rubber-stamped by the U.S. SEC.

BlackRock, of course, does not surrender ground without a supercilious eyebrow raise, but Fidelity’s feverish expansion hints at a far more exuberant showdown in the ETF salons ahead. 🍸

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2025-05-10 05:22