Bitcoin ETF

Wednesday

Bitcoin

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BlackRock's Bitcoin exchange-traded fund has abruptly&nbsp;<a href="https://twitter.com/CarpeNoctom/status/1783327357652042187" rel="noopener noreferrer nofollow">ended</a> its streak of consecutive inflows at 71 days.&nbsp;
On Wednesday, IBIT did not manage to attract any inflows while total outflows reached $120 million.&nbsp;
Grayscale's GBTC continues to see massive outflows, bleeding more than $130 million yesterday.&nbsp;
Fidelity's FBTC and Ark's ARKB saw rather modest inflows that were not capable of offsetting Grayscale's losses. The two funds managed to attract $5.6 million and $4.2 million, respectively.&nbsp;
On Tuesday, BlackRock's IBIT recorded a modest $10 million worth of inflows. Considering that many traders are tracking ETF flows to gauge the market sentiment, BlackRock's failure to attract any fresh flows on Wednesday might be a bearish signal for the market (at least in the short term).
However, it is worth noting that these ETFs initially attracted stronger-than-expected inflows following their launch. The ETF has now approached $20 billion in assets under management. For comparison, it took the SPDR Gold ETF (GLD) almost three years to achieve the same milestone. Moreover, IBIT has surpassed GLD in daily trading volume despite the fact that the total AUM of the latter is almost three times bigger compared to the former.&nbsp;
Moreover, it is common for <a href="https://u.today/massive-850k-bitcoins-held-by-etfs-as-weekly-inflows-reach-25-billion" rel="noopener noreferrer nofollow">ETFs</a> to stop attracting flows once they hit a certain size.&nbsp;
BlackRock's Bitcoin ETF managed to record one of the longest streaks. However, it is still far from such names as the JPMorgan Equity Premium Income ETF (JEPI) and the Pacer US Cash Cows 100 ETF (COWZ).
Regardless of the implications of IBIT's now-interrupted streak of inflows, the crypto market sentiment appears to be bearish. The Bitcoin price has slumped more than 3% over the past 24 hours, currently trading at $64,329.

BlackRock’s Bitcoin ETF Ends Inflow Streak as BTC Price Plunges

U_Today

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