Bitcoin
BlackRock’s Bitcoin (BTC) ETF (IBIT) Hits 71-Day Entry Streak, Data Show
BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, fell out of favor on Wednesday, preliminary data published by Farside investors showed.
For the first time since it went live on January 11, the fund did not withdraw any money from investors, breaking a 71-day streak of inflows. Seven of the other ten funds followed IBIT’s example.
Fidelity’s FBTC and ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively, while Grayscale’s GBTC bled $130.4 million, leading to further outflow cumulative total of US$120.6 million, the highest since April 17th.
Spot ETFs debuted in the US on January 11 to much fanfare, promising to extract billions of dollars in institutional money. To date, BlackRock’s IBIT alone has accumulated more than $15 billion, while the 11 funds taken together have recorded a net inflow of more than $12 billion.
However, most inflows occurred in the first quarter, and uptake has slowed this month, taking the wind out of Bitcoin’s bull run.
Bitcoin (BTC)the leading cryptocurrency by market cap, has mostly traded between $60,000 and $70,000 this month, data from CoinDesk shows, marking a weak follow-up to the first quarter’s nearly 70% rally to record highs above $73,500.