BTCUSDT: BlackRock’s Bitcoin ETF Ends 71-Day Inflow Streak, Data Indicates
The Black Rock Spot Bitcoin ETF did not draw any money this month from the investors after the 71 days streak. The Blackrock holding of Bitcoin ETF value is $15 Billion and other 11 funds added $12 Billion So totally $27 Billion funds handling in this ETFs. Due to surge of prices in the Bitcoin value and Halving process, funds inflow is declined this month.
BTCUSDT has broken Ascending channel in downside
Preliminary data from Farside Investors revealed that BlackRock’s spot bitcoin exchange-traded fund (ETF), traded under the ticker IBIT on Nasdaq, experienced a decline in investor interest on Wednesday. This marked the first instance since its launch three months ago that the fund did not attract any investor funds, breaking a streak of 71 consecutive days of inflows. Notably, seven out of the other ten funds followed IBIT’s trend.
In contrast, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively. However, Grayscale’s GBTC experienced significant outflows of $130.4 million, resulting in a cumulative outflow of $120.6 million, the highest since April 17.
Spot ETFs made their debut in the U.S. on January 11 amid high expectations of attracting institutional investment worth billions of dollars. Since then, BlackRock’s IBIT alone has amassed more than $15 billion, while collectively, the 11 funds have seen a net inflow of over $12 billion. However, the majority of these inflows occurred in the first quarter, with a notable slowdown observed this month, which has dampened the momentum of the bitcoin bull run.
Bitcoin (BTC), the dominant cryptocurrency by market value, has been trading within the range of $60,000 to $70,000 this month, according to CoinDesk data. This performance represents a subdued continuation from the near 70% rally witnessed in the first quarter, which propelled bitcoin to record highs surpassing $73,500.
BTCUSDT: BlackRock’s Bitcoin ETF Ends 71-Day Inflow Streak, Data Indicates
The Black Rock Spot Bitcoin ETF did not draw any money this month from the investors after the 71 days streak. The Blackrock holding of Bitcoin ETF value is $15 Billion and other 11 funds added $12 Billion So totally $27 Billion funds handling in this ETFs. Due to surge of prices in the Bitcoin value and Halving process, funds inflow is declined this month.
BTCUSDT is moving in Ascending channel and market has reached higher high area of the channel
According to preliminary data from Farside Investors, BlackRock’s spot bitcoin exchange-traded fund (ETF), known by the ticker IBIT on Nasdaq, faced a decline in investor interest on Wednesday.
This marked a significant development as it was the first time since its launch on January 11 that the fund failed to attract any investor funds, putting an end to a streak of 71 consecutive days of inflows. Interestingly, seven out of the other ten funds followed the trend set by IBIT.
During the same period, Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively. However, Grayscale’s GBTC experienced significant outflows amounting to $130.4 million, resulting in a new cumulative outflow of $120.6 million, the highest since April 17.
Spot ETFs made their highly anticipated debut in the U.S. on January 11, promising to attract billions of dollars in institutional money. Since then, BlackRock’s IBIT alone has accumulated more than $15 billion. Collectively, the 11 funds have seen a net inflow of over $12 billion. However, the bulk of these inflows occurred in the first quarter, with a noticeable slowdown observed this month, dampening the momentum of the bitcoin bull run.
Bitcoin (BTC), the dominant cryptocurrency by market value, has been trading within the range of $60,000 to $70,000 this month, as indicated by CoinDesk data. This performance represents a subdued continuation from the near 70% rally witnessed in the first quarter, which propelled bitcoin to record highs surpassing $73,500.
BTCUSDT: BlackRock’s Bitcoin Trust (IBIT) Ends 71-Day Inflow Streak with Zero Inflows
The Black Rock Spot Bitcoin ETF did not draw any money this month from the investors after the 71 days streak. The Blackrock holding of Bitcoin ETF value is $15 Billion and other 11 funds added $12 Billion So totally $27 Billion funds handling in this ETFs. Due to surge of prices in the Bitcoin value and Halving process, funds inflow is declined this month.
BTCUSDT is moving in box pattern and market has rebounded from the support area of the pattern
The iShares Bitcoin Trust (IBIT), under the management of BlackRock, has reached a noteworthy milestone with its first-ever occurrence of zero inflows since the inception of Bitcoin exchange-traded funds (ETFs) in the United States. This marks the end of a continuous streak lasting 71 days, during which the ETF consistently attracted substantial investments on a daily basis.
The slowdown in inflows of Bitcoin exchange-traded funds (ETFs) is becoming apparent.
Simultaneously, other Bitcoin exchange-traded funds (ETFs) have also experienced a decline in investor interest, aligning with the cessation of inflows associated with IBIT. While the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) managed to draw inflows of $5.6 million and $4.2 million, respectively, the majority of Bitcoin exchange-traded funds (ETFs) witnessed no daily inflows.
Impressive Performance of IBIT
Despite the current downturn in operations, IBIT has demonstrated exceptional performance since its introduction in January. Accumulating approximately $15.5 billion in assets under management within just 71 days, the ETF surpassed the U.S. Global Jets ETF, positioning itself among the top 10 ETFs with the longest streaks of daily inflows.
Factors Influencing ETF Inflows
Various factors contribute to the current slowdown in ETF inflows. According to research by the UK-based bank Standard Chartered, macro factors such as rising Treasury rates and geopolitical events in the Middle East have contributed to the decline in inflows. It is speculated that the initial wave of ETF purchases may have peaked, with subsequent inflows potentially contingent upon the integration of spot Bitcoin ETFs into larger macro funds.
Performance of Grayscale’s GBTC
Grayscale’s GBTC, a prominent investment vehicle for Bitcoin, has been experiencing regular daily outflows. On the day when GBTC recorded net withdrawals of $130.4 million, the majority of Bitcoin exchange-traded funds (ETFs) witnessed no net inflows. These outflows have prompted Grayscale to prepare for the introduction of a new “mini Bitcoin ETF” with reduced costs to compete with other offerings and attract more investors.
Prospects for Bitcoin Exchange-Traded Funds
Despite the recent decline in inflows, there are indications that interest in Bitcoin exchange-traded funds (ETFs) may revive. Reports suggest that Morgan Stanley is considering allowing its 15,000 brokers to promote Bitcoin exchange-traded funds (ETFs) to their clients, potentially resulting in increased capital inflows. Additionally, the bank’s previous forecast that Bitcoin would reach $150,000 by the end of the year remains valid, adding further intrigue to the outlook for Bitcoin exchange-traded funds (ETFs).
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