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Bitcoin: BlackRock BTC ETF Inflows Fall to Zero For The First Time

After 71 days of consecutive inflows, BlackRock’s iShares Bitcoin Trust (IBIT) has witnessed no inflows for the very first time. Nonetheless, BlackRock’s IBIT ETF (Exchange Traded Fund) still holds the largest cumulative inflow, with $15.4 billion.

Source: SoSoValue

Also Read: Bitcoin: Blackrock’s Spot BTC ETF Inches Closer To Top 10 List

The dip in inflows into BlackRock’s spot Bitcoin ETF could be due to macroeconomic developments. US core durable goods orders increased by 2.6% in March. Moreover, investor expectations of an interest rate cut from the Federal Reserve are fading as inflation remains above the Fed’s 2% target.

Will Bitcoin (BTC) fall after BlackRock’s BTC ETF sees no inflows?

BTC Price Prediction Post Bitcoin Halving

BTC hit an all-time high of $73,737 in March this year. BTC’s stellar performance was filled by the US SEC’s (Securities and Exchange Commission) historic decision to approve 11 spot BTC ETFs, which were an instant success. Therefore, a drop in ETF inflows could have a negative impact on BTC’s price.

However, while inflows into BlackRock’s spot Bitcoin ETF are falling, there is a growing interest in Hong Kong’s spot BTC and Ethereum ETFs. According to Hong Kong’s financial regulators, the ETFs will begin trading on Apr. 30, 2024. The launch of Hong Kong’s BTC and ETH ETFs could provide some cushion to the falling inflows in BlackRock’s spot BTC ETF.

Also Read: Hong Kong Bitcoin & Ethereum ETFs to Begin Trading April 30th

Furthermore, Bitcoin (BTC) recently underwent its halving cycle. Many consider halvings bullish as they reduce the supply of an asset. Moreover, the crypto market has rallied after every BTC halving cycle. Therefore, many analysts anticipate a market rally soon.

According to CoinCodex, Bitcoin (BTC) will hit a new all-time high of $74,172 on May 1, 2024. Moreover, the platform predicts BTC to continue its rally throughout May, hitting $85,033 on May 22, 2024.

Source: CoinCodex

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