On Tuesday, Bitcoin exchange-traded funds (ETFs) attracted a total of $187 million worth of inflows.
Fidelity Wise Origin Bitcoin Fund (FBTC) is in the lead by inflows with $56.6 million. Bitwise Bitcoin ETF (BITB) comes in second place with $42.2 million. VanEck Bitcoin ETF (HODL) is also in the top 3 with $3.2 million worth of inflows.
Notably, BlackRock's iShares Bitcoin ETF logged zero flows on Tuesday despite the fact that some of its competitors recorded decent figures. BlackRock has been dominating the Bitcoin ETF race since these products made their stunning debut in January. However, its recent underperformance has some cryptocurrency analysts scratching their heads.
Notably, Grayscale's GBTC also recorded zero flows yesterday. The product has accounted for the vast majority of outflows recorded by Bitcoin ETFs since its launch. That said, it is highly unusual to see Grayscale's GBTC and BlackRock's IBIT in the same boat.
Despite the recent streak of underwhelming flows, BlackRock's IBIT remains an absolute giant. Eight months after its launch, the red-hot product now holds more than $21 billion worth of Bitcoin. Last week, BlackRock's IBIT became the subject of insane rumors within the cryptocurrency community. However, these conspiracy theories were quickly debunked by experts.
Bitcoin's impressive inflows coincided with the bulls reclaiming the make-it-or-break-it $60,000 level. The leading cryptocurrency is currently changing hands at $60,257, according to CoinGecko data. The market is eagerly waiting for the U.S. Federal Reserve's much-anticipated rate cut.
Vladislav Sopov
Dan Burgin