Bitcoin (BTC) is supplying some classic memes this week — and it goes beyond the “4/20” halving date.
Thanks to the success of the spot Bitcoin exchange-traded funds (ETFs), market observers are celebrating a halving which has been “almost too perfect.”
A meme-filled Bitcoin halving
BTC price action may be firmly sideways this halving, but its timing is giving some a feeling that it was all meant to be.
In a post on X (formerly Twitter), Eric Balchunas, a dedicated ETF analyst at Bloomberg Intelligence, revealed a curious halving day coincidence.
Not only did the seminal event hit on April 20 — “4/20,” a key meme date in itself — but the largest United States spot Bitcoin ETF sealed 69 days of straight inflows.
“It’s a little too perfect,” Balchunas summarized.
The Bitcoin ETFs have seen a marked slowdown in inflows since hitting their peak in March. Despite this, BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF by assets under management, has yet to see a single day of outflows.
The latest data covering ETF flows, including from United Kingdom-based investment firm Farside, meanwhile shows momentum tentatively returning toward the end of last week.
On April 19, IBIT took in just under $30 million, while the second-largest ETF, operated by Fidelity Investments, managed nearly $55 million.
Outflows from the Grayscale Bitcoin Trust (GBTC), an ongoing topic of debate in themselves, were modest on the day at $45.8 million.
Bitcoin ETF flows (screenshot). Source: Farside
Bitcoin ETF performance divides opinion
Recent form 13F filings, meanwhile, have led to concerns that Bitcoin ETFs have not managed to permeate the mainstream majority.
Related: BTC price bounces at support that fueled 2023 bull market
Discussing first-quarter allocation data, Jim Bianco, creator of macro research firm Biacno Research, described it as a “disappointment.”
“Unrealized gains are shrinking fast,” he added in an X thread about ETF investor gains versus current BTC price action.
Bitcoin ETF cumulative flows. Source: Jim Bianco/X
Countering this, Balchunas suggested that asset managers would treat the products…
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