Bittime - Bitcoin (BTC) is back to being the subject of memes this week. But, not only because the halving date happens to fall on "4/20". Market observers celebrated the halving event this time as feeling "too perfect" thanks to the success of the spot Bitcoin exchange-traded fund (ETF).
Halving Full of Memes
The price of Bitcoin may be stagnant on this halving day, but the coincidental timing of it falling on "4/20" (a date synonymous with marijuana) makes some people feel this is destined.
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Eric Balchunas, ETF analyst at Bloomberg Intelligence, revealed an interesting coincidence surrounding the halving date.
Not only did this momentous event fall on April 20 (“4/20”), but the largest physical Bitcoin ETF in the United States also recorded a record 69 consecutive days of receiving fund inflows.
"Too perfect," Balchunas concluded.
Also read: BlackRock's Bitcoin ETF: Definition, Advantages and Disadvantages
Bitcoin ETFs and “Small Bites” Investors
Inflows into Bitcoin ETFs have indeed slowed since peaking in March. However, BlackRock's iShares Bitcoin Trust (IBIT), the largest ETF by assets under management, has not experienced a single day of outflows.
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The latest data on ETF flows, including from Farside, a British investment company, shows another positive movement at the end of last week.
On April 19, IBIT took in nearly $30 million, while the second-largest ETF operated by Fidelity Investments, pulled in nearly $55 million.
Outflows from the Grayscale Bitcoin Trust (GBTC), which are often the subject of debate, were moderate on the day at $45.8 million.
Also read: Bitcoin ETF and GBTC Trust Grayscale, What's the Difference?
Opinions Mix on Bitcoin ETF Performance
The latest form 13F report sparked concerns that Bitcoin ETFs have not yet fully caught the attention of mainstream investors.
Jim Bianco, founder of macroeconomic research firm Bianco Research, called the first-quarter allocation a "disappointment."
“Unrealized gains are shrinking rapidly,” he added in an online discussion of ETF investors' gains versus current BTC price movements.
In response, Balchunas argued that asset managers might treat these products like “hot sauce.”
"IBIT currently has around 60 reported holders, but they control only 0.4% of the total shares," he wrote.
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"This suggests most investors are only taking 'small bites' but the number of investors is huge. This fits with the high volume of daily trades and our thesis that these ETFs will be used like hot sauce for conservative investors, they will only add a little."
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR. To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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