BlackRock’s Bitcoin ETF Sees First Day of Zero Inflows Since U.S. Launch

BlackRock’s Bitcoin ETF Sees First Day of Zero Inflows Since U.S. Launch

Crypto News – The streak of inflows into BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), came to an end on April 24, as data from Farside revealed a day of no inflows. This marks the first time since the introduction of Bitcoin exchange-traded funds (ETFs) in the United States in January that IBIT recorded zero inflows.

Since its launch on January 11, IBIT had consistently attracted daily investments amounting to millions of dollars, accumulating nearly $15.5 billion in just 71 days. However, the streak of inflows for BlackRock ceased on April 24 with a recorded $0 in inflows.

Meanwhile, the Grayscale Bitcoin Trust ETF (GBTC) continued to experience outflows, reporting $130.4 million in outflows on April 24. Consequently, the overall spot Bitcoin ETF market realized a net outflow of $120.6 million for the day.

While the absence of inflows is a new occurrence for IBIT, it is not uncommon among other ETF participants. For instance, Fidelity’s FBTC experienced three days of $0 inflows in the past two weeks.

To date, the Bitcoin ETF market in the U.S. has amassed a net $12.3 billion in Bitcoin. However, the outflows from GBTC have offset some of the inflows garnered by the remaining nine Bitcoin ETFs. As of January 11, outflows from GBTC have exceeded $17 billion.

Several participants in the Bitcoin ETF market are also in the process of seeking approval for Ether ETFs in the United States. However, the Securities and Exchange Commission (SEC) recently delayed the approval decisions for several of them.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1,” the agency stated in its notice on April 23.

The SEC’s decision on whether to permit 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.