The series of daily increases in investments for BlackRock’s Bitcoin ETF has unexpectedly come to an end after a run of 71 consecutive days.
On Wednesdays, IBIT experienced no new investments coming in, but there were significant withdrawals totaling $120 million.
Grayscale’s GBTC continues to see massive outflows, bleeding more than $130 million yesterday.
The inflows into Fidelity’s FBTC and Ark’s ARKB were relatively small, unable to make up for the losses experienced by Grayscale. FBTC and ARKB drew in $5.6 million and $4.2 million in investments respectively.
On Tuesday, BlackRock’s IBIT brought in around ten million dollars. Since ETF inflows are closely watched by traders to determine market sentiment, the absence of new investments from BlackRock on Wednesday could indicate a bearish outlook for the market (in the immediate future).
Notably, these ETFs experienced larger-than-anticipated inflows upon their debut. Currently, they manage close to $20 billion in assets. To provide some context, it took the SPDR Gold ETF (GLD) about three years to reach this amount. Furthermore, IBIT outpaces GLD in daily trading volume, even though GLD’s total assets are nearly three times greater than IBIT’s.
Moreover, it is common for ETFs to stop attracting flows once they hit a certain size.
BlackRock’s Bitcoin ETF has achieved an extended period of success. Nevertheless, it hasn’t come close to matching the renowned status of funds like JPMorgan’s Equity Premium Income ETF (JEPI) and Pacer’s US Cash Cows 100 ETF (COWZ).
Despite IBIT’s previous run of investments coming to a halt, the overall mood in the cryptocurrency market is pessimistic. The value of Bitcoin has dropped by over 3% within the last day and is now priced at $64,329.
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2024-04-25 09:22