BlackRock’s Bitcoin ETF sees first day without inflows

BlackRock’s iShares Bitcoin Trust (IBIT) has experienced its first day without any inflows since the introduction of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States in January, Farside data shows.

Since its launch on January 11, IBIT has consistently attracted daily investments worth millions of dollars, accumulating nearly $15.5 billion in just 71 days. However, on April 24, the inflow streak ended with BlackRock recording zero inflows.

Other products also witnessed a dry spell, with only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) recording inflows of $5.6 million and $4.2 million, respectively. Meanwhile, Grayscale Bitcoin Trust ETF (GBTC) continued to experience outflows, with $130.4 million recorded on April 24. As a result, spot Bitcoin ETFs realized a net outflow of $120.6 million on that day.

Although the lack of inflows is a first for IBIT, it is not uncommon among other ETF participants. Fidelity’s FBTC, for instance, has recorded three days of zero inflows in the last two weeks.

To date, the U.S. Bitcoin ETF market has accumulated a net $12.3 billion in Bitcoin. However, GBTC outflows have offset some of the inflows notched by the remaining nine Bitcoin ETFs, with outflows exceeding $17 billion since January 11.

Not just Bitcoin

In related news, some Bitcoin ETF market participants are also applying for Ethereum (ETH) ETFs in the United States. However, the Securities and Exchange Commission (SEC) recently delayed approval decisions for several of these applications. The SEC’s decision on whether to allow 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.

This follows BlackRock filing for its Ethereum spot ETF back in mid-November last year and the SEC opening its comment period on those instruments earlier this month. In the meanwhile, Hong Kong regulators have recently given the green light to the first spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the region.