- iShares Bitcoin Trust (IBIT) saw net inflows of $25.8 million, down from $73.4 million on April 15.
- Fidelity Wise Origin Bitcoin (FBTC) saw net inflows of $1.4 million after a zero net flow session on April 15.
- Grayscale Bitcoin Trust (GBTC) saw net outflows fall from $110 million to $79.4 million.
BTC-spot ETF market conditions did not improve on Wednesday, April 17. According to preliminary figures,
- GBTC saw net outflows of $133 million.
- FBTC had a zero net low session.
- ARK 21Shares Bitcoin ETF saw net outflows of $42.7 million, up from net outflows of $12.9 million on April 16.
- Bitwise Bitcoin ETF saw net outflows of $7.3 million.
- Excluding IBIT flow data, the BTC-spot ETF market saw net outflows of $183.1 million on April 17.
Several factors are likely influencing BTC-spot ETF flow trends that include,
- BTC Halving: The continued reversal from the March all-time high of $73,808 created uncertainty about the impact of the Halving on BTC price trends.
- The US Federal Reserve: US economic indicators forced investors to recalibrate the Fed rate path. Investors cut bets on the numbers of Fed rate cuts, impacting buyer demand for BTC.
- Geopolitical tensions in the Middle East significantly impacted the appetite for BTC and the broader crypto market.
- BTC-spot ETF flow data reflected sentiment toward the Fed and geopolitics, suggesting a weakening demand environment.
Supply and Demand and the Bitcoin Halving
A higher-for-longer Fed rate path, tensions in the Middle East, and weaker demand via the BTC-spot ETF market could dilute the effect of the Halving on the demand-supply dynamic.
On Wednesday, hopes of a demand surge from China also faded, likely contributing to the losses. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared his views about mainland investor access to HK BTC and Ether-spot ETFs, saying,
‘Mainland China investors probably won’t be eligible to buy Hong Kong-listed spot bitcoin and ether ETFs as they are barred from buying virtual assets. There are some other routes they could try but they less used channels and could be shut down, via note from Bloomberg ETF Analyst Rebecca Sin.’
Amidst waning demand, the Bitcoin Halving loomed.
Read More: Bitcoin (BTC) News Today: Demand-Supply Dynamics as Bitcoin Halving Looms
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