Bitcoin ETF Inflows Clock $31M, BlackRock & Ark 21Shares Take The Lead

Coingapestaff
April 24, 2024
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Bitcoin ETF Fed FOMC

Highlights

  • Spot Bitcoin ETFs noted positive flows for the second consecutive day this week.
  • These funds recorded an influx of $31.6 million with BlackRock's IBIT in the lead.
  • However, the Bitcoin ETF inflows halved from Monday's influx of over $62 million.

Spot Bitcoin ETF continue to gather momentum as Farside UK data reveals net inflows of $31.6 million on Tuesday, April 23. This surge was led by industry giants like BlackRock’s iShares Bitcoin Trust (IBIT) and Ark 21Shares Bitcoin ETF (ARKB). However, Grayscale’s GBTC Bitcoin ETF witnessed higher outflows on Tuesday.

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Spot Bitcoin ETF Record Positive Flows For Second Consecutive Day

The Blackrock IBIT ETF boasted inflows of $37.9 million. Meanwhile, the ARKB Bitcoin ETF registered a net inflow of $33.3 million. Furthermore, the Bitwise BTC ETF (BITB) follows closely with $23.2 million in inflows, showcasing sustained investor interest in crypto exposure through regulated investment vehicles.

However, Fidelity Wise Bitcoin ETF (FBTC) faced a challenging day. FBTC recorded only $4.4 million in inflows, signaling a temporary setback for the fund. Moreover, Grayscale Bitcoin Trust (GBTC) experienced a notable uptick in outflows, surging to $66.9 million from $35 million recorded Monday.

In addition, the net inflows for the 11 Spot Bitcoin ETFs declined by nearly 50% from the week’s inception. On Monday, these ETFs garnered an influx of $62.2 million, largely influenced by the decrease in FBTC inflows and soaring GBTC outflows.

Nonetheless, for three consecutive days these ETFs bought over 100% of total BTC mined in a day after Halving. Since last Friday, the net purchase of Bitcoin ETFs includes 2,177 BTC. Whilst, excluding the GBTC outflows, the purchase amounts to 4,468 BTC.

Meanwhile, the Bitcoin price maintains a sideways trajectory. However, the BTC ETFs remain active participants despite the sideways action. Notably, Tether’s continued accumulation of Bitcoin and El Salvador’s daily acquisition of 1 BTC are expected to positively influence the BTC price.

Also Read: Hong Kong’s Spot Bitcoin ETF and Ethereum ETF To Start Trading On April 30

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Bitwise CEO Spotlights RIA Adoption Of Crypto

In a post on X, Bitcoin ETF Issuer Bitwise’s CEO Hunter Horsley highlighted the growing adoption of BTC and crypto among the Registered Investment Advisors (RIAs). According to Horsley, within the last few days, three RIAs overseeing AUM ranging from $100 million to $2 billion each, serving hundreds of families, have made significant moves towards integrating digital assets into their portfolios.

The outlined allocations include proposals for a 2% allocation to Bitcoin for all clients and discretionary allocations ranging from 3% to 10%. In addition, they propose a 2.5% allocation to Bitcoin and crypto equities integrated into investment models.

Furthermore, Hunter shared an email receipt from a prominent RIA expressing their intention to utilize Bitwise investment solutions such as BITB, BITW, and BITQ, signaling a broader adoption of Bitwise’s diversified approach to digital asset investment. He added that Bitwise, known for offering a range of investment solutions in the crypto space, now finds itself increasingly embraced as a partner by advisors.

Also Read: Bitcoin ETF Regain Momentum As Investment Advisors Pour $40M In FBTC

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.