BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw its positive inflow streak come to an end when it recorded no inflow on April 24, 2024. This marked the first instance of a $0 inflow since the approval of spot Bitcoin ETFs in the United States on January 11, 2024.
BlackRock $0 inflow for the first time
Since the launch of BlackRock’s iShares Bitcoin Trust (IBIT) 71 days ago, it has attracted a massive investment of over $15.5 million. However, after experiencing continuous inflows of millions of dollars daily, this positive streak has now ended. This $0 inflow into BlackRock’s IBIT highlights the current bearish sentiment among investors.
Out of the 11 registered Bitcoin ETF providers, only Fidelity’s Wise Origin Bitcoin Fund (FBTC) and ARK’s 21Shares Bitcoin ETF (ARKB) experienced record inflows of $5.6 million and $4.2 million, respectively. Despite struggles in the market, the biggest Bitcoin holder and asset manager, Grayscale’s spot Bitcoin ETF (GBTC), continues to bleed, experiencing a massive $130.4 million outflow.
Cryptocurrency market performance
Following these inflows and outflows on April 24, 2024, the overall BTC ETF experienced a massive outflow of over $120.6 million. Despite the massive outflow, the overall cryptocurrency market has fallen significantly, experiencing a decline of nearly 4%. Following this market downturn, activity has increased, with the 24-hour volume rising by over 15%. This increase in the 24-hour volume highlights the activity and participation of investors and traders in the market.
Currently, Bitcoin is trading near $64,350, and in the last 24 hours, it experienced a massive over 3.5% downside momentum. Looking at the performance of Bitcoin over a longer period, in the last 7 days, it experienced nearly a 5% upside momentum, whereas, in the last 30 days, it experienced a 4% downside momentum.
Meanwhile, other top cryptocurrencies like Ethereum, Solana, XRP, DOGE, and many others also fell significantly, experiencing downside momentum of over 2.5%, 6%, 4%, and 7%, respectively. However, in the last 24 hours, the top gainers are EOS and TRON, as both tokens experienced over 2.5% and 1% upside momentum, respectively.BlackRock’s ETF sees a $0 inflow, Is this why Bitcoin is down?
