Home Business Bitcoin ETFs are having a disappointing day, especially BlackRock

Bitcoin ETFs are having a disappointing day, especially BlackRock

Bitcoin ETFs are having a disappointing day, especially BlackRock

Bitcoin (BTC) spot exchange-traded funds (ETFs) saw another significant capital flight yesterday. After three positive days, the stock market funds launched in January are experiencing another setback. The world’s largest asset manager BlackRock has achieved by far the most noticeable negative result, ending a special series.

Bitcoin ETFs with negative days

Data from Farside Investors shows that the eleven Bitcoin funds collectively shrank by $120.6 million yesterday. The fresh results fit perfectly into the picture of recent times. ETFs have been in trouble for some time.

Last week, the funds recorded net outflows for the second consecutive day, an unprecedented event since their inception on January 11th. Additionally, for the second time ever, money was withdrawn from the funds on five consecutive trading days.

There was another small inflow last Friday, and this cautiously optimistic trend continued on Monday and Tuesday of the current week. Now the ETFs have fallen back into their old pattern.

BlackRock breaks Bitcoin ETF streak

In fact, yesterday marked BlackRock’s worst day since its ETF launch. It was the first time that the IBIT fund did not welcome capital. The inflow was $0. However, this does not mean that there were no cash flows. However, these were not large enough to be registered.

According to Rachel Lucas, crypto analyst at BTC Markets, days with no inflows “are typical and do not indicate product failure.” Joe Caselin, head of institutional marketing at crypto exchange BIT, also said that zero flows in an ETF are not a special event, although they could indicate waning excitement.

Yesterday we read that BlackRock was officially included in the top 10 ETFs with the longest daily inflow streak. After a total of 70 positive trading days, the special streak is now over.

Also noteworthy are the results of Grayscale’s GBTC, which is struggling with outflows every trading day. Yesterday the fund lost $130.4 million, the highest net outflow since April 17.

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