• 26 May, 2024
News

BlackRock’s IBIT Hits $0 Inflow for the Second Consecutive Day: Report

The massive outflow in Bitcoin exchange-traded funds over the last few days has created a buzz in the market. While BlackRock’s iShares Bitcoin Trust (IBIT) has once again hit $0 in inflows, the total outflow of Bitcoin ETFs reached $217.6 million on April 25, 2024.

A prominent crypto analyst, Dan Crypto Trades, recently shared an X post, drawing the community’s attention to the negative flow of Bitcoin ETFs. With only Franklin Templeton’s Franklin Bitcoin ETF (EZBC) marking a positive inflow of $1.9 million, the total flow in Bitcoin ETFs has dwindled to negative for the second consecutive day.

On April 24, BlackRock’s IBIT saw its first day of 0 inflows, repeating the same on the next day. While IBIT boasts a total inflow of $15.47 billion since the launch of ETF in January, two consecutive days of zero inflow have created headlines.

Adding to the intrigue, Grayscale’s GBTC has seen a significant outflow of $139.4 million, the highest since April 15. On April 24, GBTC witnessed an outflow of $130.4, adding to the total net outflow of $17.1 billion.

Other Bitcoin ETFs like Invesco Galaxy Bitcoin ETF (BTCO) and VanEck Bitcoin Trust (HODL) also showed zero inflows on April 25. However, for them, zero inflow is not a novel case.

Fidelity’s FBTC saw a negative flow of $22.6 million, resulting in a total outflow of more than $8 billion. Similarly, ARK 21Shares Bitcoin ETF (ARKB) experienced an outflow of $31.3 million in contrast to the previous day’s $4.2 million inflow. With the most recent data, the total net inflow of Bitcoin ETFs has reached an astounding $12.082 billion.

Meanwhile, Bitcoin is trading below the $65k mark despite a recent positive sentiment. At press time, Bitcoin is trading at $63,901, marking a daily increase of 1.21%. However, over the past seven days and thirty days, Bitcoin has been exhibiting a downtrend, marking notable declines of 4% and 9%, respectively. 

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