BlackRock’s Bitcoin exchange-traded fund (ETF) has emerged as the sole US-based spot Bitcoin fund to witness inflows in the past two days, while all other ETFs have experienced zero inflows or even outflows. According to Farside Investors data, the iShares Bitcoin Trust (IBIT) recorded net inflows of $73.4 million on April 15, a decrease from the previous day’s $111.1 million. In contrast, the other eight ETFs, excluding Grayscale’s, had no inflows during this period.
However, the inflows into IBIT were unable to offset the outflows from the Grayscale Bitcoin Trust (GBTC), which experienced $110.1 million in outflows on April 15, a decrease from the $166.2 million outflows on April 14. The chart from Farside Investors displays the two-day flows of IBIT and GBTC, with the total flows shown in the far right column.
Across April 14 and 15, all ten spot Bitcoin ETFs observed net outflows, amounting to $55.1 million and $36.7 million, respectively. The cumulative ETF flows until April 15 are illustrated in the chart from Farside Investors.
These recent outflows from US Bitcoin ETFs come after a tumultuous weekend for Bitcoin, which has seen an 11.6% decrease over the week, reaching $63,410, as reported by Cointelegraph Markets Pro.
Furthermore, global Bitcoin investment products experienced outflows of $110 million during the week ending April 12, indicating investors’ hesitancy, according to James Butterfill, the head of research at CoinShares. Butterfill noted that all crypto investment products combined saw net outflows of $126 million last week, while week-on-week volumes increased from $17 billion to $21 billion.
Bitcoin faced a significant drop to a three-week low of $61,918 on April 13 following Iran’s attack on Israel. Additionally, the upcoming halving scheduled for April 20, where the issuance of Bitcoin is halved, is causing price volatility as traders closely monitor its impact on Bitcoin’s price action.
In an interview, Brett Harrison, formerly of FTX US, anticipates that the Bitcoin ETF will break records, further highlighting the interest and potential growth in this market.