Bitcoin ETF

Grayscale Bitcoin Trust

BlackRock

Amid the resurgence in inflows, Blackrock’s IBIT Bitcoin ETF is gaining traction, outpacing the massive outflows from Grayscale Bitcoin Trust (GBTC). Meanwhile, the <a href="https://coingape.com/peter-schiff-warns-bitcoin-etf-issuers-of-possible-lawsuits-heres-why/" target="_blank" rel="noopener">Spot Bitcoin ETFs</a> record a positive flow for the second consecutive day after a weak start in the current week. The 11 Bitcoin ETFs accounted for a total influx of $91.3 million. 
<h2 id="blackrock-bitcoin-etf-covers-entire-gbtc-outflows">BlackRock Bitcoin ETF Covers Entire GBTC Outflows</h2> 
As GBTC witnessing significant outflows of $124.9 million on Thursday, Blackrock experienced substantial inflows amounting to $192.1 million, according to Farside UK data. This effectively neutralized GBTC’s negative flows. In addition, this divergence suggests a growing preference among investors for Blackrock’s ETF, possibly due to its perceived advantages or market dynamics. 
As <a href="https://coingape.com/gbtc-bitcoin-etf-outflows-reaching-equilibrium-grayscale-ceo/" target="_blank" rel="noopener">Grayscale’s GBTC</a> reserves continue to diminish, it holds around 314K BTC according to <a rel="nofollow" href="https://heyapollo.com/bitcoin-etf" target="_blank">Apollo</a>. Moreover, it indicates a massive 50% decline from the initial reserve of 619K BTC. However, the BlackRock Bitcoin ETF has continued snapping up BTC with 269K tokens. 
In addition, the gigantic BTC reserve held by BlackRock’s IBIT spotlights a major feat as the ETF started off with only 228 BTC. On the other hand, the Fidelity Wise Bitcoin ETF noticed an enormous slump in inflows with a mere $4.8 million influx. Earlier, FBTC accounted for double the flows from IBIT on Wednesday with $76.3 million net inflows. 
Meanwhile, the Bitwise Bitcoin ETF (BITB) recorded a decent inflow of $11.1 billion. However, even BITB’s flows halved from Wednesday’s figure of $24.3 million influx. On the contrary, the Valkyrie Bitcoin Fund (BRRR) witnessed an inflow of $8.3 million after days of zero net flows. 
Also Read:&nbsp;<a href="https://coingape.com/fidelity-launches-three-new-liquid-alts-etfs-for-enhanced-equity/" target="_blank" rel="noopener">Fidelity Launches Three New Liquid Alts ETFs for Enhanced Equity</a> 
<h2 id="bitcoin-price-sustains-above-70k">Bitcoin Price Sustains Above $70K</h2> 
Meanwhile, Bitcoin’s price remains relatively stagnant. Moreover, it has displayed sideways movement in anticipation of the upcoming halving event, which is just 7 to 8 days away. The market is also witnessing a slowing pace of block production following a recent difficulty adjustment. 
At press time, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was up by 0.27% to $70,910.13 on Friday, April 12. Whilst, the crypto boasted a market valuation of $1.39 trillion. On the other hand, the trading volume for BTC plunged 18.99% to $30.20 billion in the last 24 hours. Due to heightened volatility, BTC failed to hold the $71,000 level. 
Amid the resurgence in the Bitcoin ETF inflows, BTC has experienced heightened volatility owing to a tiff between long and short positions. In 24 hours, Bitcoin witnessed long liquidations of $18.38 million, according to <a rel="nofollow" href="https://www.coinglass.com/currencies/BTC" target="_blank">Coinglass</a> data. However, shorts dominated and accounted for a massive $22.72 million liquidation. 
Also Read:&nbsp;<a href="https://coingape.com/blackrock-grayscale-bitcoin-etf-reserve-gap-narrows-to-50k-btc/" target="_blank" rel="noopener">BlackRock &amp; Grayscale Bitcoin ETF Reserve Gap Shrinks To 50K BTC</a> 
The post <a href="https://coingape.com/blackrock-bitcoin-etf-outpaces-gbtc-outflows-with-192m-influx/">BlackRock Bitcoin ETF Outpaces GBTC Outflows With $192M Inflows</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

BlackRock Bitcoin ETF Outpaces GBTC Outflows With $192M Inflows

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