BlackRock’s Bitcoin exchange-traded fund (ETF) has been the sole spot Bitcoin fund in the United States to experience inflows over the past two days. In contrast, all other ETFs have either had zero inflows or lower. On April 15, the iShares Bitcoin Trust (IBIT) had net inflows of $73.4 million, which is a decrease from the previous day’s $111.1 million. According to Farside Investors data, the eight other ETFs, excluding Grayscale’s, had no flows in the past two days.
However, despite IBIT’s inflows, it was unable to surpass the outflows from the Grayscale Bitcoin Trust (GBTC). On April 15, GBTC experienced $110.1 million in outflows, which is a decline from the $166.2 million on April 14.
Looking at the data provided by Farside Investors, IBIT’s two-day flows are shown in the second column, while GBTC’s flows are in the third from the right column. Total flows are displayed in the far right column.
Across April 14 and 15, all ten spot Bitcoin ETFs witnessed net outflows, amounting to $55.1 million and $36.7 million, respectively.
The recent outflows from U.S. Bitcoin ETFs coincide with a turbulent weekend for Bitcoin. The cryptocurrency has seen an 11.6% decline over the week, trading at $63,410 according to Cointelegraph Markets Pro.
In global markets, Bitcoin investment products faced outflows of $110 million in the week ending April 12. James Butterfill, the research head at CoinShares, highlighted this as a sign of hesitancy among investors. Last week, all combined crypto investment products experienced net outflows of $126 million, with weekly volumes increasing from $17 billion to $21 billion.
Data from TradingView shows Bitcoin hovering above its weekly low.
Bitcoin’s recent freefall to a three-week low of $61,918 on April 13 was triggered by Iran’s attack on Israel.
Furthermore, the upcoming halving event on April 20, where Bitcoin’s issuance is halved, is causing price volatility as traders speculate on its impact on Bitcoin’s price action.
Former FTX US executive, Brett Harrison, predicts that the Bitcoin ETF will break records.