BlackRock's Bitcoin ETF Ends 71-Day Inflow Streak
For the first time since SEC approval, BlackRock's Bitcoin spot ETF recorded zero inflows on April 24, 2024, breaking its streak of 71 consecutive days of inflows.
BlackRock's Bitcoin ETF Ends 71-Day Inflow Streak
At the close of trading on April 24, the crypto community witnessed zero capital inflows into BlackRock's ETF for the first time.
As seen on Farside's comprehensive page, BlackRock's IBIT did not record any inflows in the most recent trading day.
Source: Farside
Since the SEC officially greenlit Bitcoin spot ETFs on January 11, 2024, these ETFs have experienced 72 trading days. IBIT saw zero inflows for the first time, ending its streak of 71 consecutive days of positive flows.
$IBIT inflow streak now 71 days which has it officially in the Top 10 all time after passing the ETF One Hit Wonder $JETS (remember JETSanity?). Also passed $BND and $VEA which are cash vacuum cleaners. Lot of mountain still left to climb tho. h/t @thetrinianalyst pic.twitter.com/NpZzgQe4v3
— Eric Balchunas (@EricBalchunas) April 24, 2024
Despite this, IBIT still holds the record for the highest capital inflow among ETFs after its initial 72 trading days.
Meanwhile, only Fidelity's FBTC and ARK-21Shares' ARKB reported positive inflows, amounting to $5.6 million and $4.2 million, respectively.
Notably, outflows from Grayscale's GBTC continue to dominate, totaling -$130.4 million. As of April 24, 2024, total outflows from Bitcoin spot ETFs listed on U.S. exchanges amounted to -$120.6 million.
While $IBIT's daily inflow streak is over at 71 days, it is not done setting records. Here's a look at ETFs all time by assets after first 72 days on market. The league of own-ness of IBIT, FBTC et al shows how overheated it all was, a breather was overdue tbh @thetrinianalyst pic.twitter.com/CwarhzTOIC
— Eric Balchunas (@EricBalchunas) April 25, 2024
The lackluster performance of these ETFs is a major reason restraining Bitcoin's upward momentum. Currently, the leading cryptocurrency is hovering around $64,200, a 4% decrease over the past 24 hours.
1-hour chart of BTC/USDT pair on Binance at 11:45 AM on April 25, 2024
The subdued market leader is causing a market-wide downturn. ETH has also experienced a slight decline, trading around $3,150.
1-hour chart of ETH/USDT pair on Binance at 11:45 AM on April 25, 2024
Many other top altcoins have similarly recorded double-digit declines.
Fluctuations in the leading cryptocurrencies as of 11:45 AM on April 25, 2024.
