BlackRock’s Bitcoin exchange-traded fund (ETF) has emerged as the only spot Bitcoin fund in the United States to experience inflows in the past two days. While other ETFs recorded zero inflows or even outflows, the iShares Bitcoin Trust (IBIT) attracted net inflows of $73.4 million on April 15, although this was a decline from the previous day’s $111.1 million. According to Farside Investors data, the other eight ETFs, excluding Grayscale’s, reported no flows during this period.
However, the inflows into IBIT were overshadowed by outflows from the Grayscale Bitcoin Trust (GBTC). On April 15, GBTC witnessed outflows of $110.1 million, a decrease from the $166.2 million seen on April 14.
All 10 spot Bitcoin ETFs experienced net outflows on both April 14 and 15, amounting to $55.1 million and $36.7 million, respectively.
These recent outflows from US Bitcoin ETFs coincide with a turbulent weekend for Bitcoin, which has seen an 11.6% drop over the week to reach $63,410, as reported by Cointelegraph Markets Pro.
On a global scale, Bitcoin investment products encountered outflows of $110 million during the week ending April 12, highlighting investor hesitation, according to James Butterfill, the head of research at CoinShares. Overall, all crypto investment products combined reported net outflows of $126 million last week, with weekly volumes increasing from $17 billion to $21 billion.
Bitcoin’s price also faced downward pressure due to Iran’s attack on Israel on April 13, causing it to plummet to a three-week low of $61,918.
Furthermore, the upcoming halving event on April 20, where Bitcoin’s issuance is halved, is contributing to price volatility as traders closely monitor its impact on Bitcoin’s price action.
Brett Harrison, former FTX US executive, anticipates that the Bitcoin ETF will break records in terms of investor interest and participation.