BlackRock’s Spot Bitcoin ETF has failed to achieve capital inflows for the first time in its history. Yesterday was the first day for BlackRock to receive an inflow of $0. This means there is no outflow yet, but it is not a good signal at the moment.
Billions of dollars in capital
During the first 71 trading days, BlackRock managed to collect almost $15.5 billion worth of Bitcoin. It had 71 consecutive days of inflows, but those are now over, after an inflow of 0 dollars was recorded on April 24.
Remarkably, Fidelity and ARK Invest managed to realize an inflow. They scored inflows of $5.6 million and $4.2 million.
Unfortunately, this was offset by an outflow from Grayscale of $130.4 million. Ultimately, there was an outflow of $ 120.6 million on the boards for the entire day.
Clear break from the bull market
At the time of writing, there is clearly a pause in the bull market. We also see this in the stock market, where mainly defensive shares are currently gaining ground over the rest.
Within the S&P 500, it is currently the utilities that are performing relatively well. These are companies that provide basic necessities of life and generally always perform in the same way.
As a result, you see investors placing more weight on such companies as uncertainty about the markets and the economy increases.
It appears we are in a phase where investors are taking some proverbial “chips” off the table and becoming more cautious.
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