Week-long streak of ETFs outflow ends as Bitcoin halving hype takes over

Investments in Bitcoin ETFs in the US market saw a positive inflow prior to the Bitcoin halving day, ending a five-day period of outflows. Investment strategies worldwide recommended adding Bitcoin to portfolios in anticipation of a post-halving increase in market value, and the Bitcoin ETF market followed suit. The outflow streak, which began on April 12, was mainly due to the Grayscale Bitcoin Trust ETF (GBTC) shedding investments. However, on April 19, five out of the 10 approved ETFs recorded positive inflows, bringing a total of $30.4 million to the market. This offset the cumulative outflows of $47.6 million from GBTC and Fidelity Wise Origin Bitcoin Fund (FBTC). Other contributors to the inflows included Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, and Franklin Bitcoin ETF. The previous Bitcoin halving took place on May 11, 2020, and resulted in a significant appreciation in BTC value over the next four years. The recent halving event on April 20 also led to a spike in network fees due to high demand, with users spending 37.7 BTC in fees to secure limited space on the halving block.