- BlackRock iShares Bitcoin Trust records no new inflows on April 24th.
- Grayscale Bitcoin Trust ETF reports $130.4 million in outflows same day.
- US Bitcoin ETF market holds $12.3 billion despite recent investment drops.
Since the introduction of spot Bitcoin ETFs in the United States in January, there has been a notable day when the BlackRock iShares Bitcoin Trust (IBIT) experienced no new inflows.
In the week following its launch on January 11th, IBIT attracted nearly $15.5 billion in investment funds, with daily contributions amounting to several million dollars. However, on April 24th, BlackRock’s streak of continuous inflows halted with a recording of no new inflows.
Significant Drop in Inflows
Similar periods of no new investments were observed among other Bitcoin ETF providers. Of the eleven Bitcoin ETFs registered in the US, only two saw inflows exceeding $5 million: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB).
The Grayscale Bitcoin Trust ETF (GBTC) also experienced significant outflows. On April 24th, GBTC reported outflows totaling $130.4 million, which resulted in the total outflows from spot Bitcoin ETFs that day amounted to $120.6 million.
While this was a first for IBIT, other ETFs in the sector have previously encountered days without inflows. For example, Fidelity’s FBTC has seen three days without inflows in the past two weeks. To date, the US Bitcoin ETF market has accumulated $12.3 billion in Bitcoin investments. Despite inflows to the other nine Bitcoin ETFs, the outflows from GBTC have effectively offset them.
The process for approving Ether ETFs in the US is ongoing, with many of the same entities from the Bitcoin ETF market participating. However, the SEC has recently delayed decisions on several of these applications.
The market sentiment for Bitcoin is similarly lackluster, with its price showing a downward trend. At the time of this report, Bitcoin’s price stands at $64,016, having decreased by 4.06% over the past 24 hours, according to CoinMarketCap data.
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