This week, Bitcoin (BTC) is providing some well-known humorous images or themes, not just because of its “4/20” halving event.
Due to the thriving performance of Bitcoin ETFs on the stock market, many analysts are praising the recent Bitcoin halving as nearly ideal.
A meme-filled Bitcoin halving
During this Bitcoin halving, the price may be stabilizing instead of experiencing significant gains or losses. Some people believe that the timing of this stability holds a deeper meaning and was intentional.
On X’s post, previously known as Twitter, Eric Balchunas from Bloomberg Intelligence, who specializes in ETF analysis, shared an intriguing discovery regarding the connection between halving days.
On April 20, not just the influential occurrence took place, but this day, known as “4/20” with its own significance, also saw a record-breaking 69 consecutive days of investment flows into the largest Bitcoin ETF based in the United States.
“It’s a little too perfect,” Balchunas summarized.
Bitcoins invested through ETFs have experienced a noticeable decrease in new investments since their peak in March. However, BlackRock’s iShares Bitcoin Trust (IBIT) hasn’t recorded any days with outflows yet, making it the largest ETF in terms of managed assets.
According to the most recent data on ETF transactions, including those made by Farside, a UK investment firm, there has been a hint of renewed momentum in the market towards the end of last week.
On April 19th, IBIT brought in approximately $29.5 million, whereas the second largest ETF, run by Fidelity Investments, handled around $54.7 million.
The Grayscale Bitcoin Trust (GBTC) released a relatively small amount of bitcoin, amounting to $45.8 million, during the day’s discourse.
Bitcoin ETF performance divides opinion
In simpler terms, some people are worried that Bitcoin ETFs have not gained enough popularity among the general public based on recent SEC filings.
According to Jim Bianco, the first-quarter allocation data was described as “underperforming” or “falling short of expectations” during his discussion. (This paraphrasing aims to convey the same meaning while using synonyms and natural phrasing to make it easier for readers to understand.)
“The potential profits from holding ETFs instead of Bitcoin have been decreasing rapidly,” he pointed out in a recent discussion on the X forum.
Countering this, Balchunas suggested that asset managers would treat the products like “hot sauce.”
In that X thread post, it was mentioned that IBIT currently has approximately 60 shareholders declared, yet they collectively own merely 0.4% of the total shares.
“Shows that most of the bites are nibbles but there are a LOT of fish. This in tune with the high daily # of trades as well and our thesis that this is gonna be used like hot sauce for 60/40 ppl, just gonna add a little bit.”
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2024-04-21 12:13