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, 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.
![](https://s3.cointelegraph.com/uploads/2024-04/9f73d484-04ef-4fd5-a19a-db72cefe5f16.png)
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.
![](https://s3.cointelegraph.com/uploads/2024-04/b481c856-b44f-41a9-ad60-751c7874dbf7.png)
Countering this, Balchunas suggested that asset managers would treat the products like “hot sauce.”
“IBIT now has about 60 holders reported but they only account for a tiny 0.4% of total shares out,” he wrote in an X thread.
“Shows that most of the bites are nibbles but there are a LOT of fish. This in tune with the high daily # of trades as well and our thesis that this is gonna be used like hot sauce for 60/40 ppl, just gonna add a little bit.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.