April 10, 2024, may go down as one of the most pivotal days in Bitcoin’s institutional adoption story. On one side of the Pacific, U.S. spot Bitcoin ETFs saw a powerful resurgence in inflows led by BlackRock. On the other, Hong Kong moved closer to becoming Asia’s first city to offer spot Bitcoin exchange-traded funds — a development that could open the floodgates for capital across the entire continent.
TL;DR
- U.S. Bitcoin ETFs attracted approximately $240 million in net inflows on April 10
- BlackRock’s IBIT fund led the charge with $137.6 million in new investments
- Fidelity’s Bitcoin fund added $78 million, while Bitwise contributed $9.5 million
- Grayscale’s GBTC outflows dropped to a record low of just $17.5 million
- Hong Kong is set to approve its first spot Bitcoin ETFs, making it Asia’s pioneer
BlackRock Dominates as Institutional Money Returns
BlackRock’s iShares Bitcoin Trust (IBIT) was the undisputed leader on April 10, pulling in approximately $137.6 million in a single day. That single fund accounted for more than half of the total $240 million that flowed into U.S. spot Bitcoin ETFs. The asset management giant continues to prove that when it enters a market, it quickly takes command.
Fidelity’s Wise Origin Bitcoin Fund was the second-largest contributor, adding roughly $78 million. Together, BlackRock and Fidelity represented the vast majority of the day’s inflows, underscoring a trend that has defined the ETF era: institutional capital is consolidating around a handful of trusted brands.
Smaller funds also saw action. Bitwise brought in around $9.5 million, while ARK Invest and VanEck recorded modest inflows. Grayscale’s GBTC, which had been bleeding billions since converting to a spot ETF in January, saw its outflows shrink to just $17.5 million — a record low compared to the $154.9 million that left the fund the previous day.
Back-to-Back Inflow Days Signal Renewed Conviction
The April 10 inflows did not happen in isolation. Just one day earlier, on April 9, U.S. Bitcoin ETFs collectively pulled in $358 million. Two consecutive days of strong positive flows suggest that institutional appetite for Bitcoin exposure is not only intact but intensifying ahead of the much-anticipated Bitcoin halving, which was just days away at the time.
Total Bitcoin holdings across all U.S. spot ETFs reached approximately 721,000 BTC, valued at roughly $56.7 billion at prevailing prices. That represents a staggering accumulation of Bitcoin through regulated financial products in just three months since the ETFs launched in January 2024.
Hong Kong Opens the Asian Gateway
While U.S. ETFs were flexing their muscle, a potentially even more transformative story was unfolding in Hong Kong. Reuters reported on April 10 that Hong Kong regulators were preparing to approve the city’s first spot Bitcoin exchange-traded funds, with first approvals likely to be announced the following week.
The move would make Hong Kong Asia’s first jurisdiction to offer spot Bitcoin ETFs, a distinction that could attract significant capital flows from across the region. Among the applicants was Harvest Fund Management, one of China’s largest asset managers, whose international arm was reportedly in line for approval.
The timing is no coincidence. With Bitcoin trading at approximately $70,588 and market enthusiasm building ahead of the halving, Hong Kong appears eager to position itself as a digital asset hub — a stark contrast to mainland China’s broader cryptocurrency restrictions.
Bitcoin Price Holds Steady Above $70,000
Bitcoin was priced at $70,587.88 on April 10, up 2.1% over the past 24 hours and nearly 7% over the previous week. Bitcoin dominance stood at 60.4%, while the total cryptocurrency market capitalization was approximately $2.6 trillion. The Fear and Greed Index registered at 44 — neutral territory — suggesting the market was neither overheated nor overly cautious.
Ethereum, the second-largest cryptocurrency, was trading at $3,543.74, having consolidated after reaching highs near $3,700 earlier in the week. ETH was up 1.1% in 24 hours and approximately 7% over the previous week.
Why This Matters
The convergence of U.S. ETF momentum and Hong Kong’s regulatory breakthrough on the same day is significant for several reasons. First, it demonstrates that institutional demand for Bitcoin is global and growing, not a U.S.-only phenomenon. Second, Hong Kong’s entry into the spot ETF space could unlock billions in Asian capital that has largely been sidelined. Third, the sharp decline in Grayscale outflows suggests the great GBTC exodus may be nearing its end, which would remove a major source of selling pressure.
With the halving approaching and dual-continent ETF infrastructure falling into place, April 10 may be remembered as the day Bitcoin’s institutional infrastructure went truly global.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
$137.6m into IBIT in a single day. blackrock is eating every other fund alive in this space
GBTC outflows down to $17.5m is the real story here. Grayscale might actually stabilize at this rate
FBTC adding $78m quietly while everyone talks about IBIT. fidelity is the dark horse here
from $154.9m to $17.5m GBTC outflows in one day? people are finally done exiting grayscale
hong kong spot ETF approval would be massive for asian capital flows. wonder how long before singapore follows