BlackRock's $IBIT ETF Bucks Trend with Continuous Inflows Amidst Market Stagnation In The Past Five Days

BlackRock’s Spot Bitcoin exchange-traded fund (ETF) stands out as the only ETF that has consistently attracted inflows since the start of March 2024.

While some other ETFs haven’t experienced outflows, they’ve also seen no new assets flowing into their portfolios.

Data from Farside Investors reveals that the top 11 US spot Bitcoin ETFs recorded a collective net outflow of $36.7 million for the trading day ending Monday, April 15, 2024. Only BlackRock’s $iBIT recorded inflows, totalling $73.4 million for the day. Meanwhile, Grayscale’s converted Bitcoin Trust ETF ($GBTC) recorded net outflows exceeding $110.1 million.

Over the past five trading days, $IBIT has seen consecutive inflows totalling $128.7 million, $33.3 million, $193.1 million, $111.1 million, and $73.4 million, respectively. In contrast, the nine other Spot Bitcoin ETFs remained stagnant, with no assets flowing in or out of their portfolios over the same period. Only $GBTC saw outflows, totalling $166.2 million and $110.1 million over the past two business days.

Within the same timeframe (Friday and Monday), US spot Bitcoin ETFs collectively experienced net outflows of $55.1 million and $36.7 million, respectively.

In a parallel development, Bitcoin has undergone a notable shift in trend as sellers take control of the market. According to CoinMarketCap data, the cryptocurrency witnessed a significant price drop from a high of $71,222 on Friday to close at $67,195.Cap. Subsequently, it fell further to a low of $62,332 on Monday, with its current price hovering around $62,140.

Furthermore, BlackRock’s $IBIT continues to amass assets, signalling sustained interest and support from investors in the ETF. BlackRock’s portfolio currently boasts over $15.32 billion in assets under management (AUM), second only to Grayscale’s $GBTC, valued at approximately $20 billion.

Meanwhile, Hong Kong appears to have followed the United States in launching ETFs within its jurisdiction. The city’s regulator recently greenlit the launch of select spot Bitcoin and Ethereum ETFs. The potential issuers of these ETFs released statements yesterday, April 15, informing the public of the success of their applications.

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