Published
1 week ago on
April 20, 2024
BlackRock‘s iShares Bitcoin Trust (IBIT) has emerged as the only spot Bitcoin exchange-traded fund (ETF) in the United States to record inflows over the last two days, setting it apart from its counterparts.
While IBIT saw an addition of $73.4 million on April 15, a slight decrease from the previous day’s $111.1 million, the other eight ETFs in the market did not register any new inflows, according to data from Farside Investors.
Notably, the only exception to this trend was Grayscale, whose Bitcoin Trust faced significant outflows.
In stark contrast to IBIT’s inflows, the Grayscale Bitcoin Trust (GBTC) experienced substantial outflows, losing $110.1 million on April 15, which, though substantial, was less than the $166.2 million withdrawn on April 14.
Across the board, the ten spot Bitcoin ETFs witnessed collective net outflows on April 14 and 15, amounting to $55.1 million and $36.7 million respectively.
The general trend for U.S. Bitcoin ETFs has been negative, following a tumultuous week for Bitcoin itself. The cryptocurrency’s price fell by 11.6% over the week, dropping to $63,410, as reported by Cointelegraph Markets Pro.
READ MORE: Grayscale Bitcoin Trust Faces Steep Outflows, Over $16 Billion Withdrawn Since ETF Conversion
This downturn coincided with broader global Bitcoin investment products also experiencing outflows, with a net $110 million leaving these funds in the week ending April 12.
James Butterfill, head of research at CoinShares, pointed out that these outflows from Bitcoin investment products underscore a growing hesitancy among investors.
He noted that not only did crypto investment products see a total of $126 million in net outflows last week, but trading volumes also rose from $17 billion to $21 billion, indicating increased market activity amidst the uncertainty.
Further exacerbating the volatility in the Bitcoin market was the geopolitical tension following Iran’s attack on Israel on April 13, which resulted in Bitcoin plummeting to a three-week low of $61,918.
Additionally, the anticipated halving event scheduled for April 20, which will reduce Bitcoin’s issuance rate by half, is also contributing to the uncertainty in the market.
This event is closely watched by traders due to its potential impact on Bitcoin’s price dynamics.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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