BlackRock iShares Bitcoin Trust (IBIT) has seen its first day of $0 inflows since Bitcoin ETFs were launched in the United States in January.
Since its start on Jan 11, IBIT has continuously drawn millions of dollars in daily investments, totaling approximately $15.5 billion in just 71 days. However, BlackRockโs inflow run ended on April 24, when it recorded $0 inflows.
Most other Bitcoin ETF participants experienced a dry spell as well. Out of the 11 Bitcoin ETFs registered in the U.S., only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) saw inflows of $5.6 million and $4.2 million, respectively.
Meanwhile, the Grayscale Bitcoin Trust ETF (GBTC) continued to suffer losses. On April 24, GBTC reported $130.4 million in outflows, bringing the net outflows for spot Bitcoin ETFs to $120.6 million for the day.
Although IBIT has never experienced a dearth of inflows previously, something similar has transpired frequently among ETF participants. Fidelityโs FBTC, for example, has seen three days of $0 inflows in the last two weeks.
To date, the Bitcoin ETF market in the U.S. has collected a net of $12.3 billion in Bitcoin. However, GBTC outflows have countered some of the inflows recorded by the remaining ten Bitcoin ETFs. As of Jan. 11, outflows from GBTC have surpassed $17 billion.
Earlier,ย on April 24, Eric Balchunas, Bloomberg Intelligence ETF analyst, took to X to commend the 71-day streak of continuous inflows to the IBIT ETF.
The fund has surpassed the Global Jets ETF, as well as Vanguardโs bond market ETF and developed-markets ETF, which Balchunas referred to as โone-hit wondersโ and โcash vacuum cleaners.โ
The streak places BlackRockโs Bitcoin ETF among the top ten funds of all time by yet another metric. However, Balchunas stated that there is โa lot of mountain still left to climbโ to reach the top rank.
JPMorganโs Equity Premium Income ETF had the longest inflow streak of any ETF, lasting 160 days. With $18.27 billion in assets, BlackRockโs Bitcoin fund ranks in the top 3% of all ETFs ever created.
The success of the ETF can be ascribed to institutions gradually increasing their exposure to Bitcoin. Bitcoin is not a significant part of these companiesโ strategies. Instead, Balchunas described it as โhot sauceโ on top of larger portfolios.
โShows that most of the bites are nibbles but there are a lot of fish,โ he said.
However, not all of BlackRockโs cryptocurrency efforts have met with immediate success. BlackRockโs tokenized fund, BUIDL, which debuted on the Ethereum blockchain on March 20, has attracted only a few investors thus far.
Despite the fact that BUIDL increased by 200% in just a few weeks, on-chain data shows that the majority of the fundโs assets are spread over 11 wallets.
