Cryptocurrency Fever Cools... BlackRock Bitcoin ETF Records Zero Net Inflow in a Day

On the 24th (local time), the daily net inflow of BlackRock's Bitcoin spot ETF recorded zero dollars, Bloomberg News reported on the 25th.

This is the first time since the Bitcoin ETF began trading.

Spot ETFs have been a driving force behind the rise in Bitcoin prices this year. In particular, BlackRock's ETF has attracted the largest amount of funds among the 11 ETFs approved by the U.S. Securities and Exchange Commission (SEC).

Since trading began, BlackRock's ETF has seen approximately $15.4 billion (about 21.175 trillion KRW) in inflows. It has significantly offset the net outflow of $16.9 billion from Grayscale ETF, an asset management company that converted its previously managed Bitcoin fund (GBTC) into an ETF.

So far, the total net inflow through the 11 spot ETFs amounts to $12.3 billion.

With BlackRock's ETF net inflow hitting 'zero,' the total net flow of all spot ETFs on the 24th turned to a net outflow for the first time in four days, recording $12.06 million. The Bitcoin price, which had been trading in the $66,000 range the previous day, also briefly dropped to the $64,000 range.

Bloomberg News stated, "BlackRock's Bitcoin ETF has shown outstanding performance so far, but as the cryptocurrency enthusiasm cools down, investors are no longer making new investments."