BlackRock’s streak of inflows came to a halt on April 24th, as it recorded zero new investments. This lack of activity was not unique to BlackRock, as many other Bitcoin ETF issuers also experienced a period of inactivity. Since the establishment of spot Bitcoin ETFs in the US in January, BlackRock’s iShares Bitcoin Trust (IBIT) saw its first day without any new investments.
Within the first seven days of its opening on January 11th, IBIT managed to accumulate nearly $15.5 billion in investment capital, with daily investments reaching millions of dollars. However, on April 24th, BlackRock’s streak of inflows came to an end, as it failed to register any new investments.
The decline in inflows was not limited to BlackRock. Out of the eleven Bitcoin exchange-traded funds (ETFs) registered in the US, only two had inflows of more than $5 million: Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB).
Even the Grayscale Bitcoin Trust ETF (GBTC) experienced a significant decline in investments. On April 24th, withdrawals of $130.4 million were made from GBTC, resulting in $120.6 million being removed from the spot Bitcoin ETFs on that day.
While this lack of inflows is unprecedented for IBIT, other ETFs have also experienced a shortage of new investments. For example, Fidelity’s FBTC had three days with zero inflows in the last two weeks. Despite the inflows recorded by the other nine Bitcoin ETFs, the withdrawals from GBTC have somewhat offset them.
The application process for Ether ETFs in the US is currently underway, and many players in the Bitcoin ETF market are involved. However, the Securities and Exchange Commission (SEC) has recently postponed the clearance decisions for several of these applications.
The sentiment surrounding Bitcoin has also been lackluster, as its price has been trading in the red. At the time of writing, Bitcoin is trading at $64,016, down 4.06% in the last 24 hours according to data from CoinMarketCap.
In other cryptocurrency news today, Shiba Inu (SHIB) has seen a 17% increase in value, driven by the growth of Shiboshis NFTs.
