BlackRock’s Bitcoin ETF Records $192 Million Worth of Inflows

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Based on the latest figures, there was a significant inflow of $192 million into BlackRock’s iShares Bitcoin Trust (IBIT).

Bitwise’s Bitcoin ETF is in a distant second place with $11.1 million worth of inflows. 

Approximately $4.6 million has flowed into the Fidelity Wise Origin Bitcoin Fund (FBTC), making it the third largest inflow among similar funds.

Overall, Bitcoin ETFs saw a rather decent $91.3 million worth of inflows on Thursday.    

Currently, the leading cryptocurrency in terms of market value is being traded just above the $71,000 mark.

Grayscale posts massive outflows (again)

On Wednesday, Grayscale provided the bulls with a brief respite from the continuous outflows. However, large withdrawals have once again occurred.

On Thursday, approximately $125 million in Bitcoin was withdrawn from Grayscale, while the prior day saw only about $17.5 million in outflows. However, this most recent amount is significantly less than the $303 million in Bitcoin that was taken out of Grayscale’s GBTC product on Monday.

Anticipation runs high among the cryptocurrency community as they eagerly look forward to the point when Grayscale’s series of outflows will eventually stop.

According to Mike Sonnenshein, the CEO of Grayscale, our flagship fund was close to reaching a balance or equilibrium. He explained that the majority of the recent sell-offs could be linked to bankruptcy processes.

Despite Bitcoin ETFs not being the primary influencer of Bitcoin’s price fluctuations, some believe that Grayscale outflows have contributed to pessimistic market feelings. Furthermore, automated trading systems often respond to daily ETF shifts, which can impact Bitcoin’s price trends.

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2024-04-12 09:25