Although Bitcoin plummeted after its launch, leading to double-digit losses for both IBIT and FBTC, inflows have continued. Their distribution prowess, coupled with investors' possible dislike of smaller issuers, puts these two companies well ahead in the field. Roxanna Islam, an analyst at ETF Data and Research Center, said: "BlackRock and Fidelity have liquidity and brand recognition that some other issuers do not have., especially for retail investors who are hesitant to invest in emerging asset classes." Analyst firm VettaFi said: "It's still early days in the competition. stage, but I think the gap between BlackRock and Fidelity and other issuers will only widen as issuances and assets increase." While it's a crowded space, Nate Geraci said the strong performance shows there's still plenty of room for growth in the spot Bitcoin ETF space. Nate Geraci said: "For an ETF in any asset class, reaching $500 million is no small feat, let alone $2 billion in assets under management.