BlackRock's Bitcoin ETF Spot exchange-traded fund, under the ticker IBIT on Nasdaq, lost favor on Wednesday, preliminary data published by Farside Investor shows .
For the first time since it went live on January 11, the fund failed to collect any investor money, ending a 71-day chain of positive cash flow.
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Fidelity's FBTC and ARK 21Shares Bitcoin ETF (ARKB) recorded inflows of $5.6 million and $4.2 million, respectively, while Grayscale's GBTC lost $130.4 million, resulting in cumulative outflows. The new cumulative amount is 120.6 million USD, the highest since April 17.
Spot ETFs launched in the US on January 11 with much fanfare, promising to attract billions of dollars of institutional money. To date, BlackRock's IBIT alone has accumulated more than $15 billion, while the 11 funds combined have recorded net inflows of more than $12 billion.
However, most of the inflows occurred in the first quarter and gains have slowed this month, causing the Bitcoin bullish wave to stall.
Data shows Bitcoin has traded mostly between $60,000 and $70,000 this month, marking anemic growth after the first quarter's nearly 70% surge to a record high above $73,500.
VIC Crypto compiled
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