BlackRock iShares Bitcoin Trust (IBIT) experienced a significant shift in inflows on April 24, recording $0 in net flows for the first time since the launch of Bitcoin ETFs in the U.S. The fund, which began on Jan 11, had been consistently attracting millions of dollars in daily investments, accumulating a total of approximately $15.5 billion in just 71 days.

Bitcoin ETF Flow (US$ million) – 2024-04-24
TOTAL NET FLOW: -120.6
(Provisional data)
IBIT: 0
FBTC: 5.6
ARKB: 4.2
GBTC: -130.4

While IBIT saw a halt in inflows, other Bitcoin ETFs also experienced a dry spell. Only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively. On the other hand, the Grayscale Bitcoin Trust ETF (GBTC) reported net outflows of $130.4 million on the same day.

Despite the temporary halt in inflows for IBIT, the overall Bitcoin ETF market in the U.S. has collected a net of $12.3 billion in Bitcoin. The success of IBIT can be attributed to institutions gradually increasing their exposure to Bitcoin, with the fund ranking in the top 3% of all ETFs ever created.

On the other hand, BlackRock’s tokenized fund, BUIDL, launched on the Ethereum blockchain, has seen limited investor interest despite experiencing a 200% increase in value. The majority of the fund’s assets are spread across 11 wallets, indicating a slow start for this particular cryptocurrency effort.

The success of IBIT and the challenges faced by BUIDL highlight the dynamic nature of the cryptocurrency market and the varying levels of investor interest in different offerings. As the market continues to evolve, it will be interesting to see how these trends impact the future of cryptocurrency investing.

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