Bitcoin ETFs See Continued Inflows Despite Volatile Week Before Halving

Published April 25, 2024
Posted in BTM Updates
2 mins read
Tagged as #bitcoin, #BitcoinETFs, #ETFs, #halving, #Halving event, #Market

Bitcoin ETFs See Continued Inflows Despite Volatile Week Before Halving

Post author:btadmin
Post published:April 25, 2024
Post category:BTM Updates

In a rapid turn of events, spot Bitcoin ETFs experienced net outflows leading up to Bitcoin’s block-reward halving, only to bounce back with net inflows thereafter. Yesterday, FBTC emerged as the top performer, attracting a significant net sum of $34.83 million.

Breaking a streak of five consecutive days of net outflows on Friday, coinciding with the official halving of the foremost cryptocurrency’s block rewards, spot Bitcoin exchange-traded funds in the United States rebounded with another day of net inflows on Monday.

According to data from SoSoValue, the total net inflow for spot Bitcoin ETFs yesterday surpassed $62 million. The Fidelity Wise Origin Bitcoin Fund led the pack with a significant single-day net inflow of $34.83 million.

Simultaneously, the ARK 21Shares Bitcoin ETF attracted over $22.5 million in net inflows, while The iShares Bitcoin Trust secured the third-largest net inflow yesterday, totaling $19.65 million.

As anticipated, the Grayscale Bitcoin Trust experienced the largest single-day net outflow, which has historically overshadowed all other ETFs’ net inflows. The product saw nearly $35 million in net outflows yesterday.

Since their inception, U.S.-traded spot Bitcoin ETFs have amassed a cumulative net inflow of $12.38 billion. Additionally, cumulative spot Bitcoin ETF volumes surpassed $226 billion as of last week’s close, according to data from The Block.

https://www.theblock.co/data/crypto-markets/bitcoin-etf/cumulative-spot-bitcoin-etf-volumes

In other developments, BlackRock’s IBIT continued to experience inflows for the 70th consecutive day on Monday, solidifying its position among the top 10 ETFs with the longest streaks of daily inflows.

According to data from The Block, IBIT’s market share among spot Bitcoin ETFs approached 54% last week.

https://www.theblock.co/data/crypto-markets/bitcoin-etf/bitcoin-spot-etf-market-share

The current price of Bitcoin, which serves as the underlying asset for spot Bitcoin ETFs, stands slightly above $66,200, as reported on The Block’s Bitcoin Price Page.