Key Points
- Bitcoin’s halving coincided with a significant meme date, sparking amusement among market observers.
- Despite a recent slowdown, Bitcoin ETFs have yet to experience a day of outflows.
Bitcoin’s halving has provided some amusing coincidences for market watchers this week.
The timing of this event, which coincided with the meme date “4/20”, has led some to believe that it was destined.
Halving Day Coincidence
Eric Balchunas, a dedicated ETF analyst at Bloomberg Intelligence, highlighted a curious coincidence on halving day.
The largest United States spot Bitcoin ETF marked 69 days of straight inflows on the same day.
Balchunas described the coincidence as “almost too perfect.”
Bitcoin ETFs Performance
Despite a slowdown since their peak in March, Bitcoin ETFs have not seen a single day of outflows.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF by assets under management, has maintained a steady inflow.
Data from UK-based investment firm Farside shows a tentative return of momentum towards the end of last week.
On April 19, IBIT received just under $30 million, while Fidelity Investments’ second-largest ETF managed nearly $55 million.
Outflows from the Grayscale Bitcoin Trust (GBTC) were modest at $45.8 million.
Recent form 13F filings have raised concerns about Bitcoin ETFs’ penetration into the mainstream market.
Jim Bianco, creator of macro research firm Biacno Research, described the first-quarter allocation data as disappointing.
He warned that “unrealized gains are shrinking fast.”
However, Balchunas suggested that asset managers would use these products like “hot sauce,” adding a little bit to their portfolios.
He noted that while IBIT has about 60 reported holders, they only account for a tiny 0.4% of total shares out.
This aligns with the high daily number of trades and the thesis that these products will be used sparingly by investors.
