As has been happening recently in the trading world for digital assets, fund left spot Bitcoin exchange-traded funds (ETFs) on April 29th. SoSoValue reported that $51.53 million left 11 U.S. spot Bitcoin exchange-traded funds in a single day.
The GBTC fund from Grayscale, which is usually a big player, was overwhelmed by something else for the day. Investors took $24.66 million out of GBTC but $31.34 million out of ARK 21Shares’ BTC ETF. Sixty-five million dollars left Fidelity’s spot in Bitcoin exchange-traded funds as well.
ETF BlackRock Leads, No Inflows
Interestingly, five lenders, including BlackRock’s IBIT fund, did not receive any new funds. Even though BlackRock is a relatively new player in the spot BTC exchange-traded funds market, it has quickly become a leader, with only $2 billion less in assets under control than GBTC.
BlackRock’s IBIT fund has now gone four days without any new funds coming in. This comes after 71 days of daily inflows that put it ahead of other funds. Eric Balchunas, an expert on exchange-traded funds (ETFs), said these kinds of changes were usual on Wall Street.
Totally normal, for example 78% of all ETFs saw $0 inflow yest. Extreme eg: $EEM has reported $0 inflows for like 150 days in a row while trading $80b worth of shares. Just means naturals balanced out or inflows and outflows were equal
At the time of the report, Bitcoin was worth less than $61,000. It had lost more than 12% in value in the previous month due to market adjustments before the halving. The overall cryptocurrency market has moved in the same way as Bitcoin. The value of altcoins has stayed the same, and the total market cap has dropped below $2.3 trillion.
Sideways action after a halving is not unusual, but there is still a lot of guesswork about where the market is going. Sunil Srivatsa, CEO of Storm Labs, said he was confident that the current bullish trend would continue.
General consensus is that we’ve entered another bull market, and seasoned investors know to expect healthy corrections. There is still plenty to look forward to with anticipated rate cuts in the near term and the inevitable approval of an ETH ETF after. Sunil Srivatsa, Storm Labs CEO
