The BlackRock iShares Bitcoin Trust (IBIT) experienced its first day of zero inflows since the introduction of Bitcoin ETFs in the United States in January.
Since its launch on January 11, IBIT consistently attracted daily investments totaling millions of dollars, accumulating nearly $15.5 billion in just 71 days. However, this streak ended on April 24 when IBIT recorded zero inflows.
Most other Bitcoin ETF participants also experienced a slowdown. Among the 11 U.S.-registered Bitcoin ETFs, only the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) recorded inflows of $5.6 million and $4.2 million, respectively.
On April 24, the Grayscale Bitcoin Trust ETF (GBTC) continued to experience outflows, totaling $130.4 million. Consequently, the overall spot Bitcoin ETFs observed a net outflow of $120.6 million on that day.
While IBIT’s lack of inflows is noteworthy, similar occurrences have been observed among other ETF participants. For instance, Fidelity’s FBTC experienced three days of zero inflows in the last two weeks.
The U.S. Bitcoin ETF market has accumulated a net $12.3 billion in Bitcoin to date. However, the outflows from GBTC have offset some of the inflows from the remaining 10 Bitcoin ETFs. Since January 11, outflows from GBTC have exceeded $17 billion.
Some market participants are also seeking approval for Ether ETFs in the U.S. However, the Securities and Exchange Commission (SEC) recently postponed approval decisions for several proposals.
The SEC extended the decision period for Grayscale’s ETH Trust conversion to a spot ETH exchange-traded product on NYSE Arca by 60 days to June 23, citing the need for sufficient time to review the proposal.
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