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BlackRock’s BLK-N spot bitcoin exchange-traded fund hit US$1-billion in assets in the first four days of trading, the first to clinch the milestone among a batch of newly launched ETFs tracking spot bitcoin prices, J.P. Morgan numbers showed.

The U.S. Securities and Exchange Commission (SEC) approved nearly a dozen ETFs tracking the world’s largest cryptocurrency last week, after years of regulatory pushback.

Since the launch, BlackRock and Fidelity have pulled the lion’s share of inflows as lower fees and name recognition appear to be key factors in drawing investors so far.

BlackRock’s iShares Bitcoin ETF accumulated US$1.07-billion in assets under management as of Jan. 17, followed by US$874.6-million by Fidelity Wise Origin Bitcoin ETF, J.P. Morgan data showed.

The nine newly launched ETFs have drawn US$2.90-billion in investment flows in the first four days of trading.

However, the Grayscale Bitcoin Trust, which was converted from a closed-end fund to an ETF, charges the steepest fee compared with the newly launched ETFs and has witnessed US$1.62-billion in outflows in the first four days.

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