BlackRock’s IBIT ETF Sees Cash Inflows for 69 Days Straight
BlackRock’s spot Bitcoin exchange-traded funds (ETF) iShares Bitcoin Trust trading under the ticker “IBIT” has seen inflows 69 days straight, said Bloomberg Intelligence ETF analyst Eric Balchunas in a social media post.
The fourth Bitcoin halving took place late on Friday at block height 840,000. This marked a pivotal change in the cryptocurrency’s supply dynamics. The halving event occurs approximately every four years and has reduced the mining reward from 6.25 to 3.125 bitcoins.
Waking up on 4/20 to see $IBIT took in cash for the 69th straight day, which was also the halving. It’s a little too perfect https://t.co/7Z8W3t9L7h
— Eric Balchunas (@EricBalchunas) April 20, 2024
The Bitcoin halving has in turn triggered a supply squeeze. Reductions are part of a predefined strategy to limit the total supply of Bitcoin to 21 million, enhancing its scarcity by halving the influx of new coins into circulation.
The latest data from Farside Investments shows that Bitcoin ETF flows are once again gaining momentum after experiencing a slowdown in inflows despite the highly anticipated bullish Bitcoin halving event.
The growing Israel-Iran conflict has played a role in impacting the Bitcoin price. Last week Bitcoin saw a sell-off and experienced volatility triggered by the military situation in the Middle East. Usually, Bitcoin is seen as a hedge against global uncertainty. On Monday, Bitcoin price remains stable trading at around $66,300.
Maire went on to explain that we have seen similar Bitcoin price actions earlier this year that coincided with a Dollar strengthening or flight-to-safety. These political events often have a short-lived impact on financial markets.
“It looks like macro-driven price impacts on Bitcoin are largely
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