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As anticipation built around Bitcoin's halving event, ETFs tied to the cryptocurrency witnessed a significant shift, snapping a week-long outflow streak with $30.4 million in fresh inflows. This market reversal underscores growing investor optimism and strategic portfolio adjustments ahead of expected value increases.
Bitcoin ETFs Rebound with $30.4 Million Inflow as Investors Anticipate Halving Gains
Bitcoin investments in the US exchange-traded funds (ETFs) market showed a net positive inflow just before the Bitcoin halving day, after five days of drain, per Cointelegraph.
Investment strategies worldwide advocated adding Bitcoin to existing portfolios, anticipating an increase in market value following the halving. The Bitcoin ETF market followed through on the strategy, ending an outflow run that began on April 12.
According to Farside data, the United States' Bitcoin ETF ecosystem experienced outflows for five days in a row between April 12 and 18, owing to a lack of input from most players. The outflows are primarily due to the Grayscale Bitcoin Trust ETF (GBTC), which has been losing capital since January, when the Securities and Exchange Commission (SEC) permitted spot Bitcoin ETFs.
However, on April 19, 5 out of 10 licensed ETFs saw positive inflows that outweighed GBTC outflows, bringing in a total of $30.4 million to the market.
Negating cumulative withdrawals of $47.6 million from GBTC ($45.8 million) and Fidelity Wise Origin Bitcoin Fund (FBTC) ($1.8 million), Fidelity Wise Origin Bitcoin Fund (FBTC) received $54.8 million just before the Bitcoin halving event began.
Other inflow contributors include Bitwise Bitcoin ETF (BITB) ($4.9 million), ARK 21Shares Bitcoin ETF (ARKB) ($12.5 million), Invesco Galaxy Bitcoin ETF (BTCO) ($3.9 million), and Franklin Bitcoin ETF (EZBC) ($1.9 million).
Fourth Bitcoin Halving Sees Fees Soar, Pushing Network Charges to Over $2.4 Million
The previous Bitcoin halving occurred on May 11, 2020, when the asset's market value was around $8,500. However, the following reduction in BTC issuance increased its worth to almost $65,000 over four years, according to data from Cointelegraph Markets Pro and TradingView.
The Bitcoin block 840,000, which sparked the fourth-ever Bitcoin halving event on April 20 at 12:09 a.m. UTC, temporarily increased network fees due to strong demand.
As a result, Bitcoin users have paid a stunning 37.7 BTC in fees — equivalent to just over $2.4 million at current prices — to secure their part of the limited space on the fourth Bitcoin halving block.
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