Although demand for U.S. spot Bitcoin ETFs has slowed, a five-day streak of outflows from the category on the day of the Bitcoin halving ended.
The 11 fund divisions brought in a combined $60 million in assets during Friday's trading hours, according to data from Farside Investors.
Bitcoin's halving (when the per-block reward paid to miners dropped from 6.25 BTC to 3.125 BTC) occurred around 8pm ET that night.
U.S. Bitcoin funds had recorded net outflows of $319 million in the five days ending Friday.
read more: Bitcoin ETF sector sees record-tying outflows for 5 consecutive days
Overall, the US Spot Bitcoin ETF endured two consecutive weeks of net outflows, with net outflows of $204 million from April 15th to April 19th.
The Grayscale Bitcoin Trust ETF (GBTC) was the driving force behind last week's outflows, with $458 million in outflows.
BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) were unable to fully offset losses in their GBTC assets, with net inflows in each last week 165 million and $94 million.
Grayscale has revealed that the expected fee for Grayscale Bitcoin Mini Trust (BTC) is 0.15%. This is significantly lower than GBTC's 1.5% fee. GBTC is expected to seed the spin-off fund, and a portion of its Bitcoin holdings will be allocated to the new proposed fund.
Trading volume in crypto exchange traded products (ETPs) more broadly fell to $18 billion last week, according to James Butterfill, head of research at CoinShares.
These amounts represent 28% of the total Bitcoin volume, he added in a report on Monday. This is a significant decrease from 55% a month ago.
“This data suggests that investment appetite among ETP/ETF investors continues to decline, perhaps because the Fed could keep interest rates at such high levels for longer than expected. against a backdrop of high expectations,” Butterfill wrote.
BlackRock ended the week with its 69th consecutive day of net daily inflows.
read more: BlackRock Extends Lead in Bitcoin ETF Inflows as Category Demand Slows
IBIT's daily inflows are the 11th highest ever for an ETF. according to He told Bloomberg Intelligence analyst Eric Balchunas.
Net inflows into the BlackRock Bitcoin Fund in the first quarter represented about 20% of the asset management giant's ETF inflows over the same period.
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