IBIT's Streak Ends as Fidelity and Ark Invest See Inflows
IBIT's 71-day inflow streak ends as Fidelity and Ark see gains, despite overall ETF outflows
On April 24, the Bitcoin ETF market saw mixed results. Notably, BlackRock's iShares Bitcoin Trust ETF (IBIT) experienced no new investments for the first time, ending a 71-day streak of gains. Overall, the sector faced a substantial net outflow of $121 million, with the Grayscale Bitcoin Trust ETF (GBTC) reporting a significant outflow of $130 million. In contrast, Fidelity’s Bitcoin ETF (FBTC) and Ark 21Shares Bitcoin ETF (ARKB) bucked the trend, registering net inflows of $5.61 million and $4.172 million respectively.
These inflows have contributed to their growing historical totals, with FBTC now at $8.186 billion and ARKB at $2.272 billion. Despite the halt in IBIT’s impressive inflow streak, it's important not to overreact to one day of no inflows. Analysts like Rachael Lucas from BTC Markets remind us that such days are common and reflect broader market conditions and geopolitical influences.
Adding to the developments, a report from AdvisorHub suggests that Morgan Stanley might soon allow its brokers to recommend Bitcoin ETFs to clients. This adjustment could introduce new stipulations regarding risk tolerance and trading limits.
Despite recent outflows, the outlook for Bitcoin ETFs remains optimistic, particularly with potential new endorsements from major financial institutions like Morgan Stanley. The integration of cryptocurrencies into traditional finance continues to advance, suggesting a promising future for Bitcoin ETFs.
