Amr Taha2026-09-21

Fidelity FBTC Holdings Netflow Jumps 4.2x as Bitcoin ETF Leadership Flips From BlackRock

Bitcoin ETF flow leadership reversed sharply in just over two weeks, with Fidelity’s FBTC overtaking BlackRock’s IBIT after the two funds moved in opposite directions from their September 3 readings. On September 18, FBTC recorded about $306 million in positive BTC holdings netflow, nearly 2.9 times IBIT’s $105 million. That marks a sharp reversal from September 3, when IBIT posted roughly $422.75 million, about 5.75 times FBTC’s $73.5 million. The shift was also reflected in broader U.S. spot Bitcoin ETF cash-flow data. The market recorded approximately $433 million in net inflows on September 18, with Fidelity and BlackRock accounting for nearly 97% of the total. The reversal coincided with Bitcoin rising around 5.9% toward $81,000 on September 18. The timing does not establish that ETF flows caused the price move, but it places the fund-level rotation alongside a significant rebound in BTC. The key change is therefore not simply positive ETF activity, but a clear redistribution of flow leadership: IBIT went from dominating FBTC by nearly six times on September 3 to FBTC recording almost three times IBIT’s holdings netflow on September 18.