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BlackRock’s Bitcoin ETF Snaps 71-Day Inflows Streak, Data Show

Apr 24, 2024
  • BlackRock’s spot bitcoin ETF did not draw any investor money on Wednesday, the first such instance since the fund’s inception three months ago.
  • Inflows have slowed this month, taking the wind out of the bitcoin bull run.

According to preliminary data from Farside Investors, published on Wednesday, the BlackRock Bitcoin iShares ETF (IBIT on Nasdaq) experienced a decrease in popularity.

The fund saw no new investments for the first time since its launch on January 11, ending a 71-consecutive day streak of incoming funds. Among other similar funds, seven out of ten experienced the same trend.

Over the past day, Fidelity’s FBTC and ARK 21Shares Bitcoin ETF (ARKB) attracted $5.6 million and $4.2 million in investments respectively. In contrast, Grayscale’s GBTC experienced a significant outflow of $130.4 million, resulting in a total net loss of $120.6 million – the largest since April 17th.

On January 11, 2023, in the United States, Spot ETFs were launched with great excitement, attracting institutional investors and potentially bringing in billions of dollars. Among these, BlackRock’s IBIT has already gathered over $15 billion, while a total of $12 billion has flowed into the 11 funds combined.

Despite a large number of inflows occurring during the first quarter, the pace has significantly decreased this month, dampening the momentum of the bitcoin price surge.

Bitcoin (BTC), the most valuable cryptocurrency according to market size, has mostly fluctuated between $60,000 and $70,000 in April based on CoinDesk’s records. This represents a lackluster continuation of the impressive 70% surge in the first quarter that pushed its price beyond $73,500 to new peak levels.
BlackRock's Bitcoin ETF Snaps 71-Day Inflows Streak, Data Show

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2024-04-25 10:14