On April 24, BlackRock’s inflow run came to an end when it registered zero inflows.
The majority of the other Bitcoin ETF issuers also experienced a period of inactivity.
Since spot Bitcoin ETFs were established in the U.S in January, BlackRock iShares Bitcoin Trust (IBIT) saw its first day of zero inflows.
In the seven days after its opening on January 11th, IBIT has amassed almost $15.5 billion in investment capital, with daily investments totaling millions of dollars. On April 24, BlackRock’s inflow run came to an end when it registered zero dollars in inflows.
Severe Decline in Inflows
The majority of the other Bitcoin ETF issuers also experienced a period of inactivity. Just two of the eleven Bitcoin exchange-traded funds (ETFs) registered in the US had inflows of more than $5 million: Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB).
The GBTC, or Grayscale Bitcoin Trust ETF, was also bleeding. Withdrawals of $130.4 million were registered by GBTC on April 24. Consequently, $120.6 million was removed from the spot Bitcoin ETFs that day.
Though it’s unprecedented for IBIT, other ETF members have seen a shortage of inflows. For instance, in the last two weeks, Fidelity’s FBTC has had three days with zero inflows. The U.S. Bitcoin ETF market has amassed a total of $12.3 billion worth of Bitcoin so far. Despite the inflows recorded by the other nine Bitcoin ETFs, GBTC withdrawals have somewhat cancelled them out.
The application procedure for Ether ETFs in the U.S is underway, and several players in the Bitcoin ETF market are also involved. But a number of their clearance decisions were recently postponed by the Securities and Exchange Commission (SEC).
Similar dull sentiment is being observed by the price of Bitcoin which has been trading in red. At the time of writing, Bitcoin is trading at $64,016, down 4.06% in the last 24 hours as per data from CoinMarketCap.
Highlighted Crypto News Today:
Shiba Inu (SHIB) Climbs 17% with Shiboshis NFTs Spearhead Growth