U.S. spot Bitcoin ETFs saw net outflows of over $130 million yesterday, as inflows into BlackRock’s iShares Bitcoin Trust (IBIT) dried up after a 71-day streak.
Per data from Farside Investors, most Bitcoin ETFs saw zero daily inflows, with just the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) seeing inflows of $5.6 million and $4.2 million respectively.
The bulk of the net outflows among ETFs were accounted for by Grayscale’s GBTC, which continues to see consistent daily outflows, with $130.4 million exiting the fund yesterday. The asset manager is prepping a new “mini Bitcoin ETF” to undercut rivals with lower fees, in a bid to stem the tide of redemptions.
IBIT’s net inflows may have ground to a halt, but BlackRock’s fund has achieved a milestone. After 71 days, it scraped into the top 10 ETFs with the longest streaks of daily inflows, overtaking the U.S. Global Jets ETF, according to Bloomberg ETF analyst Eric Balchunas.
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With Bitcoin’s price dipping overnight, that places the fund’s assets under management at $17.6 billion, according to the firm’s official website.
Earlier this week, UK bank Standard Chartered published a report pinning the slowdown in ETF inflows on a combination of factors.
Citing macro factors including “higher Treasury yields and a more challenging backdrop for risk assets due to geopolitical developments in the Middle East,” the report’s lead author Geoff Kendrick argued that “the initial wave of ETF buying may be mostly complete,” suggesting that the next wave of inflows will depend on the inclusion of spot Bitcoin ETFs in “broader macro funds.”
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Nevertheless, the bank stood by its earlier prediction that Bitcoin would reach $150,000 by the end of the year.
Just today, a report from AdvisorHub suggested that Morgan Stanley is looking to enable its 15,000 brokers to pitch Bitcoin ETFs to their customers, potentially opening up further inflows into the funds.
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