BlackRock's Bitcoin ETF Sees Sole Inflows Amid Market Volatility and Widespread Outflows
Summary:
BlackRock's Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), is the only U.S.-based Bitcoin fund to see inflows in the past two days, with a net inflow of $73.4 million. However, these inflows were not enough to outpace outflows from the Grayscale Bitcoin Trust (GBTC), which saw $110.1 million outflows. All other Bitcoin ETFs reported zero flows or decreased inflows. Additionally, Bitcoin is down 11.6% for the week, following price volatility related to Iran's attack on Israel and the upcoming halving event.
In the last two days, BlackRock's Bitcoin (BTC) exchange-traded fund (ETF), known as the iShares Bitcoin Trust (IBIT), is the only American-based Bitcoin fund to enjoy financial inflow. All the other ETFs either stayed steady or experienced financial outflows. On April 15th, the net inflow for IBIT was $73.4 million, a decrease from $111.1 million the previous day. According to data from Farside Investors, all other ETFs excluding Grayscale reported no changes over the same two-day period.
Regrettably, the financial influx into IBIT could not outdo the outflows from the Grayscale Bitcoin Trust (GBTC), which witnessed outflows of $110.1 million on April 15th, a decrease from the $166.2 million recorded on the 14th of April.
Across the 14th and 15th of April, all ten Bitcoin ETFs experienced net outflows, with amounts of $55.1 million and $36.7 million respectively. The recent outflows in American Bitcoin ETFs align with Bitcoin's erratic performance over the past weekend. The digital currency is presently down 11.6% for the week, standing at $63,410 according to data from Cointelegraph Markets Pro.
In global Bitcoin investment news, investment products experienced outflows of $110 million for the week that ended on 12th April. CoinShares’ research head James Butterfill interprets these outflows as indicative of investor anxiety. Last week, Butterfill reported a total net outflow of $126 million across all crypto investment products. However, there was a week-on-week increase in volume from $17 billion to $21 billion.
After Iran's 13th April attack on Israel, Bitcoin plummeted to a three-week low of $61,918. The cryptocurrency is also experiencing price volatility due to its upcoming halving on 20th April. This event, which halves the issuance of Bitcoin, is being closely watched by traders who are keen to understand its impact on Bitcoin's price movement.
Published At
4/16/2024 7:16:53 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.