Beyond the “4/20” halving date, Bitcoin is providing some timeless memes this week.Market watchers are rejoicing over a halving that has been “almost too perfect” because to the popularity of the spot Bitcoin exchange-traded funds (ETFs).
Even though the BTC market action is solidly sideways following this halving, some people seem to believe that everything was meant to be.Eric Balchunas, a devoted ETF analyst at Bloomberg Intelligence, shared an interesting coincidence regarding halving day in a post on X (previously Twitter).The most significant occurrence occurred on April 20 (also known as “4/20,” a significant meme date in and of itself), as the biggest Bitcoin ETF in the US completed 69 days of nonstop inflows.“It’s a bit too idealistic,” Balchunas said.
Since reaching their peak in March, the inflows into Bitcoin ETFs have significantly slowed.Even so, there hasn’t been a single day of withdrawals from BlackRock’s iShares Bitcoin Trust (IBIT), which is the largest ETF in terms of assets under management.The most recent data on ETF flows, which comes from investing firms based in the UK like Farside, indicates that momentum may have started to pick up again at the end of last week.IBIT received somewhat less than $30 million on April 19, whilst Fidelity Investments’ second-largest ETF managed close to $55 million.
Jim Bianco, the founder of the macro analysis company Biacno analysis, called the first-quarter allocation statistics a “disappointment.”In an X post comparing the gains made by ETF investors to the present BTC price action, he continued, “Unrealized gains are shrinking fast.”
Balchunas countered by stating that asset managers would handle the goods like “hot sauce.”He stated in an X forum that “IBIT now has about 60 holders reported, but they only account for a tiny 0.4% of total shares out.”
“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.”