On April 22, BlackRock received new investments totaling $19.7 million, placing it among the top ten funds with the longest consecutive daily inflows in the US ETF market.
BlackRock’s IBIT fund reaches a significant point after 70 days by aligning with JETS, an ETF representing the airline industry index.
For the past 70 consecutive days, there have been net investments flowing into it, as Eric Balchunas, an ETF analyst at Bloomberg, pointed out yesterday.
The ongoing $IBIT inflow run now lasts for 69 consecutive days. With just one more day, it will join the Top 10 longest streaks and match $JETS’ impressive performance. Though an unexpected end to this streak today would bring a delightful twist to financial markets, as suggested by @thetrinianalyst.
— Eric Balchunas (@EricBalchunas) April 22, 2024
BlackRock Commanding ETF Markets
Although BlackRock experienced net withdrawals during the whole period from April 12 to 18, they have still received some new investments, but in lesser quantities than usual.
Over the last five business days, the IBIT fund received approximately $111.7 million in new investments. Nevertheless, about three of these days witnessed Bitcoin ETFs experiencing total redemptions as a result of ongoing asset drainage from Grayscale’s GBTC.
After a reversal, April 22 marked a total inflow of approximately $62.2 million based on initial figures reported by Farside Investors.
BlackRock wasn’t the only one adding funds: Fidelity (FBTC) and ARK 21Shares (ARKB) contributed with inflows of $34.8 million and $22.6 million each.
Smaller Bitcoin ETFs like the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) attracted inflows of approximately $7.7 million and $7.5 million respectively, in a recent period. However, it’s important to note that there have been numerous days with no new investments for many of these funds. Experts, however, explained that this is normal behavior for such investment vehicles.
A Glassnode analyst named ‘Checkmatey’ noted that Bitcoin ETFs, except for Grayscale, haven’t experienced significant withdrawals yet. Furthermore, the outflows from Grayscale’s GBTC product decreased this week to $35 million on Monday.
If we had been informed that all the speculative traders would leave the #Bitcoin ETFs, excluding GBTC, as soon as a price correction occurred.
…when does that process start exactly?
— _Checkmate (@_Checkmatey_) April 22, 2024
Crypto Market Outlook
Bitcoin ETFs are experiencing a resurgence of attention, with financial markets exhibiting early indications of bouncing back from the 18% downturn preceding the halving event.
Bitcoin regained 5% of its value since the weekend’s halving event and increased by 1% to reach $66,300 during the Asian trading session in the morning.
Some altcoins performed better than others, with Solana (SOL), Ripple (XRP), and Near Protocol (NEAR) experiencing notable growth. Conversely, Toncoin (TON), Shiba Inu (SHIB), and Chainlink (LINK) suffered losses.
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2024-04-23 08:50