BlackRock and Fidelity's spot Bitcoin exchange-traded funds (ETFs) have emerged as some of the top-performing ETFs in terms of January flows, accumulating around $4.8 billion.

There was an estimated $2.6 billion in net flows for BlackRock's iShares Bitcoin Trust (IBIT) last month, to reach 8th place, whilst the Fidelity Wise Origin Bitcoin ETF (FBTC) was in 10th with $2.2 billion in net flows, according to the latest report by Morningstar research analyst, Lan Anh Tran.

Data from YCharts indicates the US is home to more than 3,100 ETFs as of 31 December 2023.

In addition, the findings also revealed the Grayscale Bitcoin Trust (GBTC) had the second highest outflows among ETFs in January, Cointelegraph reports, with an estimated $5.7 billion thought to have left the fund throughout the month.

"Never thought I'd see the day," the president of investment advisory firm ETF Store, Nate Geraci said on X in regard to the data.

He added that BlackRock and Fidelity's funds are part of a "clear two-horse race" among the nine new Bitcoin funds.

Geraci continued that the joint ETF from ARK Invest and 21 Shares, as well as the Bitwise ETF, both of which have assets under management just under $650 million, were emerging as a "strong middle class" and forecast they would reach $1 billion in assets in the "not too distant future."

US spot Bitcoin ETFs have accumulated six consecutive days of net positive inflows amounting to almost $715 million. The majority of which was down to BlackRock and Fidelity's funds, reports BitMEX Research.

Flows into the nine new spot Bitcoin ETFs exceeded the outflows from GBTC between 26 January and 2 February, with the ETF registering its second-lowest outflow day on 2 February at $144.6 million, the Cointelegraph report adds.