BlackRock's Spot Bitcoin ETF Sees Zero Inflows, As Net Outflows Tally $130M On Wednesday

BlackRock‘s iShares Bitcoin Trust IBIT has seen its record-breaking streak of inflows come to an end on Wednesday.

What Happened: According to data from SoSoValue, IBIT recorded no net inflows for the day, snapping a 71-day stretch of continuous investment.

On Wednesday, spot Bitcoin BTC/USD ETF flows saw net outflows totaling $121 million, signaling a turbulent day for cryptocurrency investments.

Notably, Grayscale's Bitcoin Trust ETF (GBTC) registered the most substantial single-day outflow, withdrawing $130 million.

Contrasting this, Fidelity Wise’s Origin Bitcoin Fund FBTC emerged as the frontrunner for inflows, attracting $5.61 million in a single day, followed closely by the collaborative ETF from Ark Invest and 21Shares ARKB, which saw an influx of $4.17 million.

Also Read: Jack Dorsey Wants To Make Bitcoin Mining As Easy As Plugging In A Lamp: Here’s How

Hong Kong Steps Into The Crypto ETF Arena

The news of BlackRock’s pause coincides with a significant development in the Asian market.

HashKey Exchange announced the completion of the first-ever cryptocurrency subscription for Bitcoin and Ethereum ETH/USD spot ETFs offered by Hong Kong-based Bosera International and HashKey Capital.

This subscription model allows for redemption without immediate sale of the underlying assets, potentially offering cost and liquidity benefits to investors.

Hong Kong’s foray into cryptocurrency ETFs marks a potential turning point for the Asian market.

These ETFs are expected to begin trading on the Hong Kong Stock Exchange on April 30, providing investors in the region with a new avenue for cryptocurrency exposure.

What’s Next: The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will convene industry leaders, analysts, and investors to discuss these critical developments.

This conference presents a unique opportunity to gain insights into the future of Bitcoin ETFs, cryptocurrency subscriptions, and the broader digital asset ecosystem.

Don’t miss out on this chance to stay ahead of the curve in this rapidly changing market.

Read Next: Why Is MOG Crypto Coin Going Up? Trader Sees ‘Billions’ As Price Target

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