Bitwise saw $238 million of inflows into its spot bitcoin exchange-traded fund on its first day of trading, according to Bloomberg data.

Preliminary data suggests that this was the largest set of inflows, with Fidelity recording $227 million of inflows and BlackRock netting $111 million. However, this data is subject to change and these figures could increase.

Currently, this shows a total of $721 million of inflows across the ETFs. This excludes Valkyrie's spot bitcoin ETF and the Grayscale Bitcoin BTC +6.72% Trust. If Grayscale comes in with significant outflows, this could dampen the overall figure.

"Congrats to [Bitwise] for winning Day One of the Cointucky Derby w/ $238m in flows," said Bloomberg senior ETF analyst Eric Balchunas on X. "[Fidelity] was a close second while [BlackRock] a distant third (an exact box bet would have massive payout). All told $721m for [group], amazing but still incomplete picture, flow data slow, tonight know more.

Balchunas noted that Grayscale's reporting will come a day later than the other products, so its activity may not be known until Friday evening at the earliest and Tuesday evening at the latest.

Yesterday, Bitwise offered the lowest fee for its spot bitcoin ETF at just 0.2%. However, today Franklin Templeton reduced its fee from 0.29% to 0.19% — undercutting its rival by one basis point — according to a form 8-K filing.

On Thursday, spot bitcoin ETFs saw a healthy $4.5 billion in trading volume, with volumes largely concentrated among a select few of the products.

Grayscale saw the largest trading volume of $2.2 billion, although it had an advantage in pre-existing assets under management. BlackRock’s ETF was in second place with $1 billion of trading volume, while Fidelity was third with $680 million.