BlackRock’s iShares Bitcoin Trust (IBIT) saw its first day with $0 inflows since its US debut in January. After consistently attracting millions daily, totaling nearly $15.5 billion in 71 days, the streak ended on April 24.
The BlackRock iShares Bitcoin Trust (IBIT) has experienced its first day without inflows since January, when Bitcoin ETFs were first introduced in the United States.
IBIT has attracted investments in the millions of dollars daily since its inception on January 11, amassing nearly $15.5 billion in just 71 days. BlackRock’s sequence of inflows concluded on April 24, when the firm received no inflows.
The majority of Bitcoin ETF participants also experienced a period of inactivity. Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) were the sole two among the eleven U.S.-registered Bitcoin ETFs to report inflows of $5.6 million and $4.2 million, respectively.
Grayscale Bitcoin Trust ETF (GBTC) continued to incur losses as well. GBTC recorded $130.4 in outflows on April 24. Consequently, spot Bitcoin ETFs experienced a daily net outflow of $120.6 million.
Although IBIT has never experienced a dearth of inflows, this is common among ETF participants. For instance, Fidelity’s FBTC has experienced three consecutive days with no inflows over the past fortnight.
Bitcoin has accumulated on the Bitcoin ETF market in the United States for a net of $12.3 billion. Nonetheless, a portion of the inflows generated by the remaining ten Bitcoin ETFs have been mitigated by GBTC outflows. As of January 11, GBTC outflows had surpassed $17 billion.
A subset of the Bitcoin ETF market participants are concurrently submitting applications for Ether ETFs in the United States. However, the Securities and Exchange Commission (SEC) recently delayed several of their approval decisions.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1,” the agency wrote in its notice on April 23.
The SEC has been granted an additional sixty days until June 23 to determine whether to permit the conversion of Grayscale’s ETH Trust into a spot ETH exchange-traded product on NYSE Arca.
