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BlackRock’s IBIT ETF draws $73.4M as Bitcoin market faces downturn and outflows

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BlackRock's iShares Bitcoin Trust saw substantial inflows of $73.4 million

On April 15, BlackRock’s iShares Bitcoin Trust (IBIT) saw substantial inflows of $73.4 million, whilst Grayscale’s Bitcoin Trust (GBTC) encountered notable withdrawals, leading to a net outflow of $110 million from worldwide Bitcoin investment products.

Market volatility has been influenced by geopolitical concerns and the impending Bitcoin halving. The conditional licensing of spot crypto ETFs in Hong Kong has the potential to attract some $25 billion from mainland Chinese investors, who may choose to participate in these ETFs via the Southbound Stock Connect.

Anticipations after the Bitcoin halving are varied, since several experts forecast a substantial divestment by Bitcoin miners.

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