Blackrock Bitcoin ETF Records $0 Inflow
Date
4/25/2024 3:34:45 PM
(MENAFN- eTrendy Stock) The BlackRock bitcoin ETF reported zero inflows for the first time since its launch, marking a significant halt in new investments. This development could indicate waning investor interest or broader market caution as Cryptocurrency markets face volatility and regulatory uncertainties.
BlackRock
BTC ETF Previously Accumulated Nearly $15.5 billion in just 71 Days
BlackRock's iShares Bitcoin Trust (IBIT), a popular Bitcoin exchange-traded fund (ETF), witnessed its first day of zero inflows on April 24th, according to data from Farside. This marks a significant shift, as the fund had enjoyed a remarkable streak of daily inflows since its launch in January.
Previously, IBIT had consistently attracted millions of dollars in investments daily, accumulating nearly $15.5 billion in just 71 days. This impressive inflow streak ended on April 24th when the fund recorded no new investments.
Additionally, out of the 11 U.S.-registered Bitcoin ETFs, only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) bucked the trend by bringing in new investments. They recorded inflows of $5.6 million and $4.2 million, respectively.
It's important to note that while this is a first for IBIT, other Bitcoin ETFs also experienced a decline in inflows on the same day. For instance, Fidelity's FBTC hasn't seen any new investments for three days in the past two weeks.
Several companies are hoping to launch Ether ETFs, but the U.S. Securities and Exchange Commission (SEC) is taking its time reviewing their applications, delaying their approval.
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