According to U.Today, BlackRock's Bitcoin exchange-traded fund (ETF) has ended its 71-day streak of consecutive inflows. On Wednesday, the fund, known as IBIT, failed to attract any new inflows, while total outflows reached $120 million. In contrast, Grayscale's GBTC continues to experience significant outflows, losing more than $130 million in a single day. Fidelity's FBTC and Ark's ARKB saw modest inflows of $5.6 million and $4.2 million respectively, but these were not enough to offset Grayscale's losses.
On Tuesday, BlackRock's IBIT recorded $10 million worth of inflows. Many traders track ETF flows to gauge market sentiment, so the lack of fresh inflows into BlackRock's fund on Wednesday could be interpreted as a bearish signal for the market, at least in the short term. However, it's important to note that these ETFs initially attracted stronger-than-expected inflows following their launch. The ETF has now reached $20 billion in assets under management (AUM). For comparison, the SPDR Gold ETF (GLD) took almost three years to reach the same milestone.
Despite the total AUM of GLD being almost three times larger, IBIT has surpassed GLD in daily trading volume. It's common for ETFs to stop attracting flows once they reach a certain size, and BlackRock's Bitcoin ETF has managed to record one of the longest streaks of inflows. However, it still falls short of funds such as the JPMorgan Equity Premium Income ETF (JEPI) and the Pacer US Cash Cows 100 ETF (COWZ).
Despite the implications of IBIT's now-interrupted inflow streak, the overall sentiment in the crypto market appears to be bearish. The price of Bitcoin has fallen more than 3% over the past 24 hours, and is currently trading at $64,329.
