BlackRock’s Bitcoin ETF 71-Day Inflow Streak Ends as Standard Chartered Doubles Down on $150K Prediction

BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), saw its remarkable 71-day streak of consecutive net inflows come to an end on April 25, 2024. The fund, which had attracted approximately $15.5 billion in cumulative inflows since its January launch, recorded zero net new flows for the first time — signaling a potential shift in institutional demand just days after the Bitcoin halving.

TL;DR

• BlackRock’s IBIT spot Bitcoin ETF recorded zero net inflows on April 25, 2024, ending a 71-day streak
• The fund accumulated roughly $15.5 billion during its historic run
• Standard Chartered reaffirmed its prediction of Bitcoin reaching $150,000 by end of 2024
• Morgan Stanley is reportedly considering allowing its brokers to pitch Bitcoin ETFs to clients
• Bitcoin was trading around $64,481 on April 25, less than a week after the fourth halving

The end of IBIT’s inflow streak does not necessarily signal waning interest in Bitcoin exposure. Rather, it reflects a natural cooling-off period following an unprecedented run that began when the U.S. Securities and Exchange Commission approved the first wave of spot Bitcoin ETFs in January 2024. For 71 consecutive trading days, investors funneled capital into BlackRock’s fund at a pace that surpassed even the most optimistic projections, accumulating roughly $15.5 billion in the process.

A Historic Run by Any Measure

BlackRock’s IBIT quickly established itself as the dominant player among the new spot Bitcoin ETFs. The 71-day inflow streak was the longest of any newly launched ETF in recent memory, and the $15.5 billion in cumulative inflows placed it among the fastest-growing funds in ETF history. The streak coincided with Bitcoin’s rally from roughly $46,000 at the time of the ETF launch in January to over $73,000 in mid-March, before the price settled into a consolidation phase around $64,000 by late April.

The fund’s dominance was particularly notable given the competitive landscape. While Grayscale’s converted Bitcoin Trust (GBTC) experienced persistent outflows due to its higher fee structure, IBIT consistently attracted the lion’s share of new capital. The April 25 session marked the first time since inception that IBIT failed to register positive net flows.

Standard Chartered’s Bold $150K Call

Even as the ETF inflow momentum paused, institutional optimism about Bitcoin’s trajectory remained strong. Standard Chartered Bank doubled down on its bullish outlook on April 24, reiterating its prediction that Bitcoin could reach $150,000 by the end of 2024. The bank’s analysts pointed to a combination of factors, including the supply shock from the halving, growing institutional adoption, and the maturation of the ETF market as catalysts for further price appreciation.

The timing of the call is significant. Bitcoin’s fourth halving occurred on April 19-20, 2024, reducing the block reward from 6.25 to 3.125 BTC. Historically, halving events have been followed by extended bull runs, and Standard Chartered’s analysts believe this cycle will be amplified by the unprecedented level of institutional access provided by the spot ETFs.

Morgan Stanley Eyes Bitcoin ETF Expansion

In another sign of deepening institutional involvement, reports emerged on April 25 that Morgan Stanley was considering allowing its roughly 15,000 financial advisors to pitch spot Bitcoin ETFs to eligible clients. If approved, Morgan Stanley would become the first major wirehouse to offer direct Bitcoin ETF access through its brokerage network, potentially opening the floodgates for billions in additional capital inflows.

The move would represent a significant shift in traditional finance’s stance on crypto exposure. While Morgan Stanley had previously allowed wealthy clients to invest in Bitcoin through indirect vehicles, permitting advisors to recommend spot Bitcoin ETFs directly would mark a new level of mainstream acceptance.

Post-Halving Market Dynamics

Bitcoin was trading at approximately $64,481 on April 25, according to CoinMarketCap data, with a market capitalization of roughly $1.27 trillion. The price had consolidated in the weeks following the halving, as miners adjusted to reduced revenue and the market absorbed the implications of a newly constrained supply. Ethereum, meanwhile, was changing hands at around $3,156.

The broader crypto market showed mixed signals. While spot Bitcoin ETF inflows had moderated from their peak, the underlying demand drivers — institutional adoption, halving supply dynamics, and potential regulatory clarity — remained intact. The question for the weeks ahead is whether the end of IBIT’s streak represents a temporary pause or the beginning of a more sustained cooling-off period.

Why This Matters

The convergence of BlackRock’s inflow streak ending, Standard Chartered’s $150,000 price target, and Morgan Stanley’s potential ETF adoption signals a maturing market that is transitioning from its initial ETF-driven hype phase into a more nuanced institutional adoption cycle. With Bitcoin’s supply growth now halved and major financial institutions lining up to offer Bitcoin exposure, the infrastructure for sustained institutional demand is firmly in place. Whether the price follows the bullish projections depends on how quickly the next wave of adopters — wirehouse clients, sovereign wealth funds, and corporate treasuries — enters the market.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before making investment decisions.