BlackRock’s Bitcoin ETF Dilemma: A Comedy of Errors or a Sign of the Apocalypse?

by

In a most curious turn of events, as revealed by the ever-watchful Lookonchain, the past 24 hours have seen spot Bitcoin exchange-traded funds accumulate a rather modest sum of 428 BTC, which, if one squints just right, amounts to a staggering $36.84 million. A fortune, indeed, but hardly the stuff of legends! 🤑

Yet, what truly tickles the fancy of the discerning observer is the conspicuous absence of inflows into BlackRock’s Spot Bitcoin ETF, affectionately dubbed IBIT. One might say it is as if the good people of BlackRock have decided to take a leisurely stroll, leaving their ETF to languish in the shadows of neglect. 🥱

To be fair, dear reader, there were no outflows either, which is a small mercy. However, the silence of BlackRock’s audience during this latest round of flows speaks volumes about the current mood of market participants—one might even call it a collective shrug! 🤷‍♂️

Mar 20 Update:

10 #Bitcoin ETFs
NetFlow: +428 $BTC(+$36.84M)🟢#InvescoGalaxy inflows 295 $BTC($25.37M) and currently holds 5,677 $BTC($488.34M).

9 #Ethereum ETFs
NetFlow: -11,444 $ETH(-$22.84M)🔴#iShares(Blackrock) outflows 6,358 $ETH($12.69M) and currently holds 1,202,363…

— Lookonchain (@lookonchain) March 20, 2025

As it stands, IBIT clutches a staggering 570,582.4137 BTC, which translates to a princely sum of approximately $48.29 billion. This figure represents a hefty 50% of all Bitcoin held by ETF issuers, while Fidelity’s FBTC trails behind like a lost puppy, clutching only a fraction of the total holdings. 🐶

But fear not, for BlackRock has not entirely abandoned the crypto realm! As the keen-eyed crypto enthusiasts have observed, the financial behemoth has been acquiring cryptocurrency, albeit at a pace that could only be described as leisurely—like a tortoise in a race against a hare! 🐢

Whether this peculiar trend is but a fleeting whim or a harbinger of a new era remains to be seen. For now, it serves as yet another reminder that the cryptocurrency landscape is not as bullish as one might hope. 📉

Meanwhile, with BlackRock taking a well-deserved break from the Bitcoin ETF market, the stage has been set for Bitwise’s BITB, which has gallantly acquired 142 BTC worth around $12.07 million, and Invesco Galaxy’s BTCO, which has snatched up 295 BTC during this reporting period, equivalent to about $25 million at today’s price. A veritable game of musical chairs, wouldn’t you agree? 🎶

Read More

2025-03-20 20:08