BlackRock Bitcoin ETF attracts no inflows for 4th consecutive day

Following last week’s digital asset investment product sentiment, spot Bitcoin ETFs saw capital outflows again on April 29.

According to SoSoValue, 11 US spot Bitcoin (BTC) ETFs recorded a single-day cumulative outflow of $51.53 million.

Grayscale’s GBTC fund has been eclipsed by another player in a rare occurrence. While GBTC recorded an outflow of $24.66 million, investors withdrew $31.34 million from ARK 21Shares’ BTC ETF. Fidelity’s spot Bitcoin ETF also saw outflows of $6.85 million.

Meanwhile, five issuers, including BlackRock’s IBIT fund, did not attract capital inflows. BlackRock has overtaken Grayscale as the new spot BTC ETF market leader, holding only $2 billion less than GBTC despite launching 10 years after the incumbent.

The latest trading data shows there were no inflows into BlackRock’s fund for four days. This follows 71 days of daily inflows that put IBIT above rival funds. Additionally, ETF expert Eric Balchunas noted that this trend is not unusual on Wall Street.

Totally normal, for example 78% of all ETFs saw inflows of yes $0. Extreme for example: $EEM It posted $0 inflows for nearly 150 days in a row while trading $80 billion worth of shares. This means the naturals are balanced or the inputs and outputs are equal

— Eric Balchunas (@EricBalchunas) April 25, 2024

Bitcoin unaffected by spot ETF exit and price stagnation after halving

According to CoinMarketCap, Bitcoin was trading below $61,000 at press time and has fallen over 12% in the past month due to the market correction that led to the halving.

The broader cryptocurrency market correlated with BTC price action and altcoin valuations stalled, dropping the total crypto market cap below $2.3 trillion.

Sideways crypto movement after the halving is not new, but there is a lot of speculation regarding the state of the market. Speaking to Crypto.news, Storm Labs CEO Sunil Srivatsa said that the bull run continues.

“The general consensus is that we are entering another bull market, and savvy investors know to expect healthy corrections. “With rate cuts expected in the near term, followed by the inevitable approval of the ETH ETF, there is a lot to look forward to.”

Sunil Srivatsa, CEO of Storm Labs BTC monthly price chart | Source: CoinMarketCap