BlackRock iShares Bitcoin Trust (iBIT) marked its first day with zero inflows, ending its long streak since its introduction. Launched on January 11, iBIT has consistently attracted daily investments, amassing nearly $15.5 billion in just 71 days.
Only two of the 11 U.S. Bitcoin ETFs managed to attract new investments within the same period. Fidelity Wise Origin Bitcoin Fund (FBTC) led the pack with $5.6 million inflows, followed by ARK 21Shares Bitcoin ETF (ARKB) with $4.2 million.
On the other hand, Grayscale Bitcoin Trust ETF (GBTC) continued its streak of outflows, recording an outflow of over $130.4 million.
Consequently, the overall spot Bitcoin ETF market experienced a net outflow of $120.6 million on that day alone.
Despite recent developments, the U.S. Bitcoin ETF market has become the largest globally in a short time. In the first quarter of 2024, the market reportedly recorded a total of over $12.1 billion in net inflows. However, the significant outflows from GBTC have partially offset the inflows from the other 10 Bitcoin ETFs. GBTC’s outflows exceeded $14.7 billion during the same period.
In another development, several market participants are also eyeing the introduction of spot Ether (ETH) ETFs in the U.S., with some in the process of applying for approval for the financial product.
