BlackRock and Fidelity are quietly turning bitcoin ETFs into a two-firm market

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BlackRock and Fidelity are quietly turning bitcoin ETFs into a two-firm market BlackRock s IBIT and Fidelity s FBTC are attracting the vast majority of new bitcoin ETF money, leaving smaller funds increasingly sidelined as institutional investors consolidate around the industry s largest players. By Helene Braun | Edited by Nikhilesh De Jun 10, 2026, 6:09 p.m. 3 min read Make preferred on (Sebastian Jacobsen/Unsplash) What to know : BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund now dominate U.S. spot bitcoin ETFs, regularly capturing the majority of new inflows. Despite a roughly 29% year-to-date decline in bitcoin and waves of ETF redemptions, IBIT and FBTC have often acted as stabilizing forces, attracting capital even when rivals see outflows. The market is shifting toward a winner-take-most structure in which scale, liquidity and distribution networks favor BlackRock and Fidelity, leaving smaller issuers with minimal influence on overall flows. When U.S. spot bitcoin exchange-traded funds (ETFs) launched in January 2024, investors had more than a dozen funds to choose from. BlackRock, Fidelity, Ark Invest, Bitwise, VanEck, Franklin Templeton and several others entered what many expected would become a fiercely competitive market.