BlackRock‘s iShares Bitcoin Trust (IBIT) was the only U.S. Bitcoin ETF to gain inflows on Monday, with $73.4 million, down from $111.1 million the previous day.
In contrast, Grayscale’s Bitcoin Trust (GBTC) experienced outflows of $110.1 million, compared to $166.2 million on April 14. Overall, U.S. Bitcoin ETFs faced net outflows of $55.1 million and $36.7 million on April 12 and 15, respectively.
Bitcoin’s volatility led to an 11.6% drop to approximately $63,410. James Butterfill from CoinShares noted global Bitcoin products had a $110 million outflow for the week ending April 12, though weekly volumes increased from $17 billion to $21 billion.
A recent price dip to $61,918 was attributed to Iran’s attack on Israel. As the April 20 halving event approaches, traders are monitoring Bitcoin’s price closely.
Bitcoin rebounded 2.8% to above $66,500 on Monday following Hong Kong’s approval of spot crypto ETFs, announced by China Asset Management and Bosera Capital on WeChat. This news suggests potential $25 billion investments from mainland Chinese investors via the Southbound Stock Connect program.
Markus Thielen of 10x Research estimates Bitcoin miners might sell $5 billion worth of BTC after the halving, potentially causing sideways price movement for four to six months, akin to past halving cycles.
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