According to the latest update, Bitcoin exchange-traded funds (ETFs) experienced $59.3 million worth of outflows on Apr. 16.
This marks the third consecutive day of negative flows for Bitcoin ETFs.
BlackRock's iShares Bitcoin ETF (IBIT) only managed to attract a rather modest $25.8 million worth of inflows.
In the meantime, Grayscale's GBTC saw another $79 million worth of outflows. Ark's Bitcoin ETF also experienced some selling pressure with $12.9 million worth of outflows.
With the Bitcoin price sitting below the $64,000 mark, the cryptocurrency market is struggling to attract enough momentum just three days ahead of the much-anticipated halving event.
The flippening?
Even though IBIT's outflows are slowing, Eric Balchunas, senior ETF analyst at Bloomberg, predicts that it is still on track to surpass GBTC in total assets by the end of this month.
Alex DovbnyaGBTC's lead had shrunk to just over $2 billion white Blackrock's Bitcoin ETF keeps expanding its streak of inflows.
However, as noted by Balchunas, "a monster rally" in Bitcoin could end up delaying this flippening.
With that being said, the sentiment remains mostly bearish around the halving.
Gold bug Peter Schiff recently opined that Bitcoin was already in a stealth bear market due to major cryptocurrency equities experiencing significant declines. Mining stocks are getting absolutely clobbered due to the short-term strain that will come after the halving.
Even some pro-Bitcoin analysts expect the largest cryptocurrency to see at least a 40% correction after the block reward reduction.
Considering that ETF flows are also declining, the sentiment appears to be bleak for Bitcoin
Godfrey Benjamin
Denys Serhiichuk
Vladislav Sopov
Dan Burgin