BlackRock’s Bitcoin Fund Joins Elite ETF Club With 70 Straight Days of Inflows
The latest inflow on April 22 was $19.7 million which means that BlackRock is now in the top ten of longest daily inflow streaks for all US exchange-traded funds.
The 70-day milestone ties BlackRock’s IBIT fund with JETS, an ETF that combines shares in an index of airline industry companies.
It has also achieved 70 straight days of inflows, as Bloomberg ETF analyst Eric Balchunas observed yesterday.
$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp
— Eric Balchunas (@EricBalchunas) April 22, 2024
BlackRock Commanding ETF Markets
Despite aggregate outflows for all trading days between Apil 12 and 18, BlackRock has continued to see inflows, albeit much smaller than their average.
The IBIT fund has seen $111.7 million in inflows over the past five trading days. However, three of those have seen net outflows from all spot Bitcoin ETFs due to Grayscale’s GBTC still hemorrhaging assets.
The tide has turned again, however, with April 22 showing a net inflow of $62.2 million, according to preliminary data from Farside Investors.
In addition to BlackRock, Inflows were boosted by Fidelity (FBTC) and ARK 21Shares (ARKB), which had $34.8 million and $22.6 million, respectively.
Even the Franklin Bitcoin ETF (EZBC) and VanEck Bitcoin Trust (HODL) saw inflows of $7.7 million and $7.5 million, respectively. These, and many of the other smaller funds, have had many days of zero flows. However, analysts explained that this was perfectly normal for these types of investment products.
Glassnode analyst ‘Checkmatey’ observed that there had yet to be a major exodus from Bitcoin ETFs (aside from Grayscale). Moreover, even GBTC’s outflows had slowed this week, falling to $35 million on Monday.
We we’re promised that all the degen traders would exit the #Bitcoin ETFs (excl GBTC) at the first sign of a correction…
…when does that process start exactly?https://t.co/PhKr5CoMF3 pic.twitter.com/70uj8VU3Ix
— _Checkmate
(@_Checkmatey_) April 22, 2024
Crypto Market Outlook
The renewed interest in Bitcoin ETFs comes as markets show signs of recovery from their 18% pre-halving correction.
BTC has now recovered 5% since the weekend halving and was trading up 1% on the day at $66,300 during the Tuesday morning Asian trading session.
The altcoins were a mixed bag with larger gains for Solana (SOL), Ripple (XRP), and Near Protocol (NEAR), but losses for Toncoin (TON), Shiba Inu (SHIB), and Chainlink (LINK).
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