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BlackRock’s Bitcoin ETF IBIT Attracts $73M Inflows, Others Stagnant

CoineditionCoinedition2024/04/16 11:46
By:Coin Edition
  • BlackRock’s Bitcoin ETF, IBIT, attracted $73.4 million in net inflows on Monday, while other ETFs remained stable.
  • The Grayscale Bitcoin Trust (GBTC) saw significant outflows, with a reduction of $110 million on the same day.
  • Hong Kong approves asset managers to establish Bitcoin and Ether exchange-traded funds (ETFs).

BlackRock’s Bitcoin ETF, IBIT, was the only U.S. spot Bitcoin ETF to attract inflows on Monday. In contrast, other ETFs did not experience new inflows or outflows. Per data from SoSoValue , IBIT gathered approximately $73.4 million in net inflows. 

Still, these were insufficient to offset significant outflows from other funds, particularly the Grayscale Bitcoin Trust. GBTC reported a $110 million reduction on the same day, putting its historical net outflow at $16.38 billion.

Notably, ten Bitcoin spot ETFs have recorded a net outflow of $91.8 million collectively. This trend reflects investor caution, prompted by recent volatile movements in Bitcoin’s price, which declined by 11.6% last week to about $63,410.

Over the past week, GBTC recorded the most substantial outflows, losing $767 million. Although funds like IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) secured inflows, these were overshadowed by the heavy outflows from GBTC. 

Meanwhile, Hong Kong is strengthening its role in the digital assets arena by granting initial approvals for asset managers to establish Bitcoin and Ether exchange-traded funds (ETFs). Harvest Global Investments, in collaboration with HashKey Capital Ltd. and Bosera Asset Management (International) Co., announced this in separate statements on Monday.

In addition, the Hong Kong branch of China Asset Management has secured authorization from the city’s Securities Futures Commission to manage virtual assets and is developing new products. As stated by Bloomberg , “OSL Digital Securities Ltd. said it would provide custodial services for Bitcoin and Ether products from the China Asset Management unit as well as Harvest.”

This initiative is part of Hong Kong’s overall move to compete with cities like Singapore and Dubai as a leading hub for cryptocurrency businesses. The market responded positively to the approval of these spot funds. Bitcoin rose by 4.3%, reaching around $66,629, while Ether increased by 6.1%, climbing to $3,257.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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