The Bitcoin ETF offered by BlackRock has reached a noteworthy milestone as it experiences a day with zero inflows for the very first time.

BlackRock's Bitcoin ETF has caught the market’s attention because it recently achieved the unprecedented milestone of no daily inflows, a first since its launch. According to Farside Investors, a firm based in London, this marks a significant shift for the ETF. BlackRock The streak of inflows for the iShares Bitcoin Trust (IBIT) halted on April 24, 2024, as the ETF recorded a complete absence of new investments that day.

Since it was launched on January 11, 2024, BlackRock's IBIT has captured notable investor interest, accumulating an impressive total of nearly $15.3 billion within just 71 days. However, a shift in investor sentiment has led to a sudden stop in inflows, potentially indicating a broader change in market dynamics for cryptocurrency ETFs.

While this lack of inflows for BlackRock's Bitcoin ETF is a striking event, it aligns with larger trends seen in the industry. For example, Fidelity’s FBTC experienced three days without inflows during the previous 12 days, from April 12 to April 24. Interestingly, on April 10, 2024, Nasdaq reported that Fidelity FBTC became the third Bitcoin ETF to surpass an impressive 150,000 BTC in assets under management. Furthermore, Grayscale has recently transferred 2,373 BTC valued at approximately $156 million to Coinbase, despite facing total outflows that exceeded $17 billion since mid-January, overshadowing its $12.5 billion net inflow into the U.S. BTC ETF market.

Additionally, the delay in the U.S. SEC's approval processes for various Ether (ETH) ETF applications has thrown a spotlight on uncertainties within the cryptocurrency ETF market. The SEC's extension of the deadline for potentially converting one ETH Trust into a spot ETH exchange-traded product on NYSE Arca, now set for June 23, only adds to the ambiguity. Thus, the day without inflows for BlackRock’s IBIT echoes the regulatory hurdles and uncertainties that currently complicate cryptocurrency investments. SEC On April 24, Eric Balchunas, an ETF analyst at Bloomberg Intelligence, praised IBIT for its remarkable run of 71 consecutive days of inflows. Grayscale He likened this fund's performance to that of various notable ETFs like the U.S. Global Jets ETF (JETS) and Vanguard's bond market ETF, positioning BlackRock's Bitcoin ETF among the all-time top ten on another performance metric. However, Balchunas also cautioned, noting that there’s still a considerable journey ahead to reach the top position.

The inflow streak now stands at 71 days, officially landing it in the Top 10 all-time after surpassing the performance of the ETF One Hit Wonder.

These funds that attract cash like vacuums still have peaks to conquer. h/t

Zhauhazyn is a skilled copywriter with a background in sociology. She is deeply intrigued by the complex dynamics found in Science and Technology Studies, particularly in the Web3 domain, where her passionate engagement with blockchain technology unfolds.