Bitcoin Price Down $4,000 as BlackRock ETF Sees End to One of the Largest Inflow Streaks in US History

The cryptocurrency market experienced a significant decline following the news that BlackRock's iShares Bitcoin Trust (IBIT), one of the largest spot Bitcoin ETFs, had its first day without inflows after an impressive 71-day streak. Meanwhile, Grayscale's Bitcoin Trust (GBTC) continues to see outflows.

The disruption in IBIT's momentum has fueled uncertainty in the market, especially as there's no clear indication of when GBTC's outflows will cease. CoinGlass data reveal that GBTC holds over $19 billion worth of Bitcoin and has already sold a staggering $18 billion worth.

Key Figures

• Bitcoin ETF outflows reached $120 million on the 24th of April as BTC price fell by $4,000 in the last 24 hours.
• BlackRock's IBIT ended its historic 71-day inflow streak.
• IBIT's inflow streak was the 10th longest in US spot ETF history.
• IBIT has accumulated roughly $18 billion worth of BTC.
• No outflows or selling from IBIT have been observed yet.

Market Impact

The end of BlackRock's IBIT inflow streak, combined with ongoing GBTC outflows, has raised concerns about potential market cooling. Analysts suggest that the market may need time to absorb GBTC's selling pressure. Additionally, there are worries that if the market sentiment sours further, outflows from BlackRock's IBIT could occur, adding to the selling pressure.

Looking Ahead

Market participants will closely monitor how the market reacts to this ongoing selling pressure. The potential for a brief cooling-off period cannot be ruled out as investors assess the situation. The coming weeks will be crucial in determining the resilience of the cryptocurrency market in the face of these challenges.

Disclaimer: This news article is for informational purposes only and should not be taken as financial advice. The cryptocurrency market is highly volatile, and investments can carry significant risks.