BlackRock iShares Bitcoin Trust (IBIT) experienced its first day without any new investments since the introduction of Bitcoin ETFs in the United States in January.
Since its launch on January 11, IBIT has consistently attracted millions of dollars in investments on a daily basis, accumulating a total of nearly $15.5 billion in just 71 days. However, on April 24, BlackRock recorded zero inflows.
Not only did IBIT face a dry spell, but most other Bitcoin ETF participants did as well. Out of the 11 U.S.-registered Bitcoin ETFs, only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) saw inflows, with $5.6 million and $4.2 million respectively.
Furthermore, Grayscale Bitcoin Trust ETF (GBTC) continued to experience outflows, with $130.4 million recorded on April 24. As a result, the overall net outflow for spot Bitcoin ETFs on that day was $120.6 million.
While this lack of inflows is a first for IBIT, it is not uncommon among other ETF participants. For example, Fidelity’s FBTC has experienced three days of zero inflows in the past two weeks.
Overall, the Bitcoin ETF market in the U.S. has accumulated a net $12.3 billion in Bitcoin. However, the outflows from GBTC have offset some of the inflows from the other 10 Bitcoin ETFs, with GBTC experiencing outflows exceeding $17 billion since January 11.
Related:
The Securities and Exchange Commission (SEC) recently delayed the approval decisions for several Ether (ETH) ETF applications in the U.S.
In its notice on April 23, the SEC stated that it needs more time to consider the proposed rule change for these applications. The decision on whether to allow the conversion of Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca has been extended by 60 days to June 23.
Magazine:
7 alternatives to ICOs for blockchain fundraising: Crypto airdrops, IDOs & more