BlackRock Bitcoin Trust Experiences First Zero-Inflow Day Amid Widespread ETF Outflow
Summary:
BlackRock iShares Bitcoin Trust (IBIT) records its first day with no inflows since the inception of Bitcoin ETFs in the US this year. Other Bitcoin ETFs apart from Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF also witness a similar trend. On the same day, Grayscale Bitcoin Trust ETF sees outflows amounting to $130.4 million, resulting in a total industry outflow of $120.6 million.
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In an unforeseen turn of events, BlackRock iShares Bitcoin Trust (IBIT) experienced a day without any inflows for the first time since the introduction of Bitcoin ETFs in the United States in January. Since its inauguration on January 11, IBIT has been accruing daily investments amounting to millions of dollars, amassing a staggering $15.5 billion in just 71 days. However, the consistent inflow came to a halt on April 24 when BlackRock recorded no investment inflows for the day. The inflow and outflow data for Bitcoin ETF can be found at farside.co.uk. The related news is that the SEC has deferred the decision on Franklin Templeton spot Ether ETF.
The trend of zero inflow touched most other Bitcoin ETF players as well. Among ten US-based Bitcoin ETFs, only the Fidelity Wise Origin Bitcoin Fund (FBTC), and the ARK 21Shares Bitcoin ETF (ARKB) managed to capture inflows, amounting to $5.6 million and $4.2 million, respectively.
Echoing the downward trend, the Grayscale Bitcoin Trust ETF (GBTC), one of the earliest Bitcoin ETFs, continued to see a reduction in investments. On April 24, GBTC faced outflows worth $130.4 million, which led to the Bitcoin ETF industry witnessing a total outflow of $120.6 million.
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Published At
4/25/2024 8:01:32 AM
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