Bitcoin (BTC) investments in the US exchange-traded funds (ETFs) market experienced a positive inflow just before the Bitcoin halving day, following five consecutive days of outflows.
In anticipation of a post-halving increase in market value, investment strategies worldwide recommended adding Bitcoin to existing portfolios. The Bitcoin ETF market followed this strategy and put an end to a streak of outflows that had been occurring since April 12.
According to data from Farside, the US Bitcoin ETF ecosystem saw outflows for five straight days between April 12 and 18, primarily due to the Grayscale Bitcoin Trust ETF (GBTC) shedding investments since January, when the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.
However, on April 19, five of the 10 approved ETFs saw positive inflows that outweighed the GBTC outflows, bringing in a total of $30.4 million to the market.
When accounting for the cumulative outflows of $47.6 million from GBTC ($45.8 million) and Fidelity Wise Origin Bitcoin Fund (FBTC) ($1.8 million), FBTC brought in $54.8 million just before the Bitcoin halving event began. Other contributors to the inflows include Bitwise Bitcoin ETF (BITB) with $4.9 million, ARK 21Shares Bitcoin ETF (ARKB) with $12.5 million, Invesco Galaxy Bitcoin ETF (BTCO) with $3.9 million, and Franklin Bitcoin ETF (EZBC) with $1.9 million.
The previous Bitcoin halving occurred on May 11, 2020, when the asset had a market value of around $8,500. However, the subsequent reduction in BTC issuance caused its value to rise to approximately $65,000 in four years, according to data from Cointelegraph Markets Pro and TradingView.
The Bitcoin block 840,000, which triggered the fourth-ever Bitcoin halving event on April 20 at 12:09 am UTC, temporarily increased network fees due to high demand. As a result, Bitcoin users spent 37.7 BTC in fees, equivalent to just over $2.4 million at current prices, to secure their share of limited space on the halving block.
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