The BlackRock iShares Bitcoin Trust (IBIT) has recorded its first day of $0 inflows since launching bitcoin ETFs in the United States in January.
Since its launch on January 11, IBIT has consistently attracted investments worth millions of dollars per day, reaching nearly $15.5 billion in just 71 days. The good run of inflows for BlackRock ended on April 24, after the company reported zero inflows.
Most other Bitcoin ETF participants also experienced a drought period. Of the 11 U.S.-registered bitcoin ETFs, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) were the only ones with inflows of $5.6 million and $4.2 million, respectively.
In addition, the Grayscale Bitcoin Trust ETF (GBTC) continued to bleed. On April 24, GBTC recorded fund outflows of $130.4. As a result, spot Bitcoin ETFs recorded net outflows of $120.6 million that day.
While the lack of inflows is new for IBIT, it is not uncommon among other ETF participants. Fidelity's FBTC, for example, has seen three-day inflows of $0 over the past two weeks.
To date, the U.S. bitcoin ETF market has accumulated a net worth of $12.3 billion in bitcoins. However, GBTC's outflows have offset some of the inflows recorded by the other 10 Bitcoin ETFs. As of January 11, outflows from GBTC exceeded $17 billion.
