#Write2earn #BlackRock 's #BitcoinETF Loses Investor Appeal Amidst Market Slowdown
According to preliminary data from Farside Investors, BlackRock's bitcoin exchange-traded fund (#ETF ), known as IBIT on Nasdaq, lost its appeal on Wednesday. It marked the first time since its launch on January 11 that the fund failed to attract any investor funds, ending a streak of 71 days of continuous inflows. Interestingly, seven out of ten other funds followed suit, experiencing similar patterns.
In contrast, Fidelity's FBTC and the ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively. Meanwhile, Grayscale's GBTC witnessed an outflow of $130.4 million, contributing to a cumulative outflow of $120.6 million, the highest since April 17.
The introduction of spot ETFs in the U.S. on January 11 generated significant excitement, with expectations of attracting billions of dollars in institutional investments. BlackRock's #IBIT alone has gathered over $15 billion to date, while collectively, the 11 funds have seen a net inflow exceeding $12 billion.
However, the majority of these inflows occurred during the first quarter, with a notable slowdown this month, which has impacted the momentum of the bitcoin bull run. Data indicates that Bitcoin $BTC , the leading cryptocurrency, has mostly traded between $60,000 and $70,000 this month. This marks a relatively subdued performance compared to the near 70% rally witnessed in the first quarter, which drove prices to record highs above $73,500.
