BlackRock's Bitcoin ETF Ends Its Historic 71-Day Inflow Streak

By: Eva Baxter

BlackRock's landmark 71-day inflow streak for its IBIT Bitcoin ETF has ceased, with April 24 experiencing zero net new funds for the first time since inception. This streak's conclusion coincides with the day Bitcoin dropped as much as 5.2%. The notable run had set BlackRock's ETF amongst the top 10 for the longest all-time inflow streaks, but failed to carry it into the top 5 rankings, which was expected this month.

Reports demonstrate a net withdrawal of $120 million from Bitcoin ETFs overall, largely driven by a substantial outflow of $130 million from Grayscale. Although BlackRock saw zero net flows, other ETFs such as Fidelity and Ark Invest reported modest inflows of $5.6 and $4.2 million, respectively. The rest of the funds, however, also saw zero net movements.

This reporting comes in the face of slowing inflows this month, tempering the bullish momentum behind bitcoin. BlackRock's iShares Bitcoin Trust's absence of inflows represents a significant change of pace, after just entering the rankings of the top 10 ETFs by longest daily inflow series.