BlackRock’s Bitcoin ETF Records $0 Daily Inflows For First Time As BTC Price Nosedives

BlackRock’s Bitcoin ETF Records $0 Daily Inflows For First Time As BTC Price Nosedives
фото показано с : zycrypto.com

2024-4-26 17:29

BlackRock Bitcoin ETF’s 71-day inflow streak abruptly ended on April 24 after IBIT recorded no inflows for the day for the first time since going live on January 11. IBIT did not attract any fresh investor capital as United States spot ETFs saw a total daily net outflow of $120.64 million on Wednesday.

IBIT Breaks Inflow Streak

The BlackRock iShares Bitcoin Trust (IBIT) has posted its first day of $0 inflows since spot Bitcoin exchange-traded funds (ETFs) were introduced in the U.S. in mid-January to much fanfare. 

Financial giant BlackRock has seen its ETF draw in investments worth millions of dollars daily, amassing an impressive $15 billion in just 71 days. The fund has seen more deposits than withdrawals every single trading day. The other ETFs have raked in a total net inflow of roughly $12 billion. 

However, BlackRock’s inflow streak ended on April 24. Given that most investors are tracking ETF flows to evaluate the market sentiment, BlackRock’s failure to attract any fresh capital on Wednesday might be a bearish sign for the market — at least in the short term.

Farside Investors data shows that the majority of the other Bitcoin ETF issuers also experienced a dry spell. Of the 11 U.S.-listed Bitcoin ETFs, Fidelity’s FBTC and ARK 21Shares Bitcoin ETF (ARKB) were the only two to register inflows of $5.6 million and $4.2 million, respectively.

Grayscale’s GBTC continued to hemorrhage cash. GBTC recorded $130.4 million in outflows on April 24, leading to a new cumulative outflow of $120.6 million on the day.

While the lack of inflows is a sign of waning demand and a first for BlackRock’s IBIT, it’s rather common for other ETF providers. Case in point, Fidelity’s FBTC has posted three days of zero inflows over the past two weeks. 

Bitcoin Tumbles As Crypto Market Bleeds

Regardless of the impact of IBIT’s now-interrupted inflow streak, the overall cryptocurrency market sentiment seems bearish. According to CoinGecko, Bitcoin is now trading for $64,075, having plunged by 3.4% in the past day.

Other top 20 cryptocurrencies have taken a bigger hit. Solana (SOL) has shed nearly 6.2% of its value in the past 24 hours and is valued at around $146.88.

Elsewhere, Telegram-linked Toncoin (TON) is another big loser. It has dropped by more than 7.8% in a day and is now priced at about $5.36.

Leading meme coin Dogecoin (DOGE), the eighth largest digital asset by market cap, is priced at $0.1505, having slipped by nearly 7%.

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