BlackRock iShares Bitcoin Trust (IBIT) marked a significant milestone on April 24 as it recorded no new inflows for the first time since its launch, signaling a momentary pause in its steady growth. Introduced in January, the Bitcoin exchange-traded fund (ETF) had previously enjoyed a daily influx of investments, amassing nearly $15.5 billion in its first 71 days.
This event ends a notable streak of consistent daily gains for BlackRock's Bitcoin ETF, highlighting a broader slowdown in the market that affected other participants as well. Among the 11 Bitcoin ETFs registered in the United States, only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) reported inflows, adding $5.6 million and $4.2 million respectively on the same day.
Conversely, Grayscale Bitcoin Trust ETF (GBTC) saw significant withdrawals, with $130.4 million flowing out, leading to a net outflow of $120.6 million from spot Bitcoin ETFs on April 24 alone. This scenario underscores varying performances within the sector, where some funds continue to attract capital while others face withdrawals.
The U.S. Bitcoin ETF market has accrued a net total of $12.3 billion in Bitcoin investments to date. However, substantial outflows from GBTC, totaling over $17 billion since January 11, have somewhat dampened the overall positive influx to the remaining nine Bitcoin ETFs.
In parallel, some ETF operators are pursuing regulatory approval for Ether-based ETFs in the United States. Yet, these efforts faced a setback as the Securities and Exchange Commission (SEC) recently postponed its approval decisions. On April 23, the SEC extended its timeline by 60 days to further review the proposed rule changes, affecting the potential conversion of Grayscale’s ETH Trust into a spot ETH exchange-traded product on NYSE Arca, with a new decision deadline set for June 23.
This pause in BlackRock’s Bitcoin ETF inflows, along with the SEC's regulatory delays, reflect the complex and evolving landscape of cryptocurrency investments in the U.S., where investor sentiments and regulatory scrutiny continue to shape market dynamics.
$BTC #Bitcoin #BTC #BTCETFSPOT
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
