The interrupted streak of inflows could be viewed as a sign of waning demand
On Wednesday, IBIT did not manage to attract any inflows while total outflows reached $120 million. Fidelity's FBTC and Ark's ARKB saw rather modest inflows that were not capable of offsetting Grayscale's losses. The two funds managed to attract $5.6 million and $4.2 million, respectively. On Tuesday, BlackRock's IBIT recorded a modest $10 million worth of inflows.
However, it is worth noting that these ETFs initially attracted stronger-than-expected inflows following their launch. The ETF has now approached $20 billion in assets under management. For comparison, it took the SPDR Gold ETF almost three years to achieve the same milestone. Moreover, IBIT has surpassed GLD in daily trading volume despite the fact that the total AUM of the latter is almost three times bigger compared to the former.
BlackRock's Bitcoin ETF managed to record one of the longest streaks. However, it is still far from such names as the JPMorgan Equity Premium Income ETF and the Pacer US Cash Cows 100 ETF . Regardless of the implications of IBIT's now-interrupted streak of inflows, the crypto market sentiment appears to be bearish. The Bitcoin price has slumped more than 3% over the past 24 hours, currently trading at $64,329.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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