BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), was the only spot Bitcoin fund in the United States to experience net inflows on April 15, with $73.4 million inflows. On the other hand, the remaining eight ETFs, excluding Grayscale’s, reported no inflows during this period. Despite the inflows into IBIT, it was unable to surpass the outflows from the Grayscale Bitcoin Trust (GBTC), which experienced $110.1 million in outflows. Across April 12 and 15, all ten spot Bitcoin ETFs collectively witnessed net outflows amounting to $55.1 million and $36.7 million, respectively. These recent outflows coincide with a volatile period for Bitcoin, which saw an 11.6% decline over the week, trading at around $63,410.
According to data from SoSoValue, Bitcoin spot ETFs faced a total net outflow of $36.67 million on one day. The Grayscale ETF GBTC had a net outflow of $110 million in a single day, with historical net outflows now at $16.38 billion. Global Bitcoin investment products experienced outflows of $110 million in the week ending April 12, indicating investor hesitancy. CoinShares’ Head of Research, James Butterfill, noted that all combined crypto investment products witnessed net outflows of $126 million last week, despite weekly volumes increasing from $17 billion to $21 billion. Bitcoin’s recent price decline to $61,918 was triggered by Iran’s retaliatory attack on Israel on April 13, alongside anticipation of the halving event on April 20 and its impact on Bitcoin’s price movement.
Bitcoin surged 2.8% over a 24-hour span, reaching a trading value above $66,500 on Monday, following approvals for spot crypto ETFs in Hong Kong. China Asset Management, Bosera Capital, and other applicants shared news of their approval to list spot Bitcoin and Ether ETFs in Hong Kong on the social media platform WeChat. Analysts predict mainland Chinese investors could invest $25 billion in potential Hong Kong-listed spot Bitcoin ETFs through the Southbound Stock Connect program, allowing qualified mainland Chinese investors to access eligible shares listed in Hong Kong. Additionally, there could be a notable outflow of Bitcoin from miners in the months following the halving event, with Markus Thielen from 10x Research estimating miners may liquidate around $5 billion worth of BTC post-halving, potentially leading to sideways price movement for four to six months.
Despite the inflows into the iShares Bitcoin Trust (IBIT) on April 15, other U.S. Bitcoin ETFs experienced net outflows, with Grayscale’s Bitcoin Trust (GBTC) seeing $110.1 million in outflows. Between April 12 and 15, all ten spot Bitcoin ETFs collectively had net outflows amounting to $55.1 million and $36.67 million, respectively. Global Bitcoin investment products also faced outflows totaling $110 million in the week ending April 12, indicating some investor hesitancy. Bitcoin’s recent price decline to $61,918 was influenced by market turbulence following Iran’s retaliatory attack on Israel, alongside anticipation of the halving event on April 20 and its potential impact on Bitcoin’s price movement.
The approval of spot crypto ETFs in Hong Kong led to a 2.8% surge in Bitcoin’s value over a 24-hour period, reaching a trading price above $66,500 on Monday. China Asset Management, Bosera Capital, and others received approval to list spot Bitcoin and Ether ETFs in Hong Kong through the Southbound Stock Connect program. Mainland Chinese investors are anticipated to invest around $25 billion in potential Hong Kong-listed spot Bitcoin ETFs through this program, allowing them access to eligible shares listed in Hong Kong. Following the upcoming halving event, there could be a substantial outflow of Bitcoin from miners, with estimates suggesting they may liquidate around $5 billion worth of BTC post-halving, potentially leading to sideways price movement for four to six months.
