In the past few days, there has been a change in attitude towards Bitcoin ETFs. Yesterday alone, Bitcoin spot ETFs recorded a significant outflow of around $165 million. It’s worth mentioning that Grayscale ETF reported an outflow of approximately $133 million, while BlackRock ETF saw a minor inflow of roughly $18.09 million.
Although it may seem like the enthusiasm for Bitcoin ETFs is waning, Eric Balchunas, a senior ETF specialist at Bloomberg, has provided perspectives that caution against jumping to conclusions about the end of Bitcoin ETF frenzy. According to Balchunas, these ups and downs are normal in the ETF market, especially after a prolonged phase of expansion.
Regarding IBIT, it has moved down to the 13th spot in terms of all-time rankings with a 67-day inflow streak. The total net flows for this ETF currently stand at approximately $15.3 billion, which is the second largest among over 3000 ETFs, and $5 billion more than the third place holder.
— Eric Balchunas (@EricBalchunas) April 18, 2024
In simpler terms, he points out that the current wave of investments leaving some ETFs is just a small part of the bigger story. Importantly, there are still significant inflows into other funds like IBIT, which has seen uninterrupted growth for 67 days in a row.
What about price?
Balchunas explains the reason behind Bitcoin’s recent price decline in terms of market fluctuations, not due to any inherent issues with the asset itself. He emphasizes the significant progress Bitcoin has made, specifically since BlackRock’s filing last June, and points out its impressive performance relative to traditional investment indices.
IBIT has earned recognition for its consistent success, placing 13th among more than 3,000 ETFs in terms of accumulated investments. The total amount invested in IBIT currently reaches $15.3 billion, establishing it as a major force within the ETF market.
Despite some media reports indicating decreased demand for Bitcoin ETFs, Balchunas’ findings propose a different perspective, implying that the excitement surrounding these financial instruments remains strong.
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2024-04-18 19:16