Bitcoin (BTC) is stirring up some timeless memes this week, extending beyond the iconic “4/20” halving date. Thanks to the triumph of spot Bitcoin exchange-traded funds (ETFs), market observers are reveling in a halving event that feels “almost too perfect.”
A meme-infused Bitcoin halving
Although BTC price action remains decidedly sideways this halving, its synchronization is imbuing some with a sense of cosmic alignment. Eric Balchunas, a dedicated ETF analyst at Bloomberg Intelligence, shared an intriguing halving-day coincidence in a post on X. Not only did this seminal event coincide with April 20—also known as “4/20,” a date laden with meme culture significance—but the largest United States spot Bitcoin ETF witnessed a staggering 69 consecutive days of inflows. “It’s a little too perfect,” Balchunas mused.
While Bitcoin ETFs have experienced a noticeable deceleration in inflows since reaching their peak in March, BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF by assets under management, has yet to encounter a single day of outflows. Recent data on ETF flows, including insights from the United Kingdom-based investment firm Farside, tentatively indicates a resurgence in momentum toward the end of last week. On April 19, IBIT garnered just under $30 million, while Fidelity Investments’ second-largest ETF secured nearly $55 million. Outflows from the Grayscale Bitcoin Trust (GBTC), a perennial subject of debate, were modest on the day at $45.8 million.
Bitcoin ETF performance sparks debate
Recent form 13F filings have sparked concerns that Bitcoin ETFs are struggling to penetrate the mainstream majority. Discussing first-quarter allocation data, Jim Bianco, founder of macro research firm Biacno Research, labeled it a “disappointment.” “Unrealized gains are dwindling rapidly,” he remarked in an X thread discussing ETF investor gains vis-à-vis current BTC price action.
Contrary to this sentiment, Balchunas posited that asset managers view these products akin to “hot sauce.” “IBIT now boasts approximately 60 reported holders, yet they only represent a minuscule 0.4% of total shares outstanding,” he noted in an X thread.
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