According to Farside statistics, BlackRock’s Bitcoin ETF inflow run came to an end on April 24 when IBIT showed no inflows for the day.
Since the introduction of Bitcoin ETFs in the US in January, BlackRock iShares Bitcoin Trust (IBIT) has experienced inflows of zero dollars for the first time.
IBIT has drawn millions of dollars’ worth of investments every day since its start on January 11 and has amassed approximately $15.5 billion in just 71 days. On April 24, BlackRock recorded $0 in inflows, ending its run of inflows.
A dry period also was experienced by the majority of other participants in the Bitcoin ETF. Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) were the only two of the 11 U.S.-registered Bitcoin ETFs to report inflows of $5.6 million and $4.2 million, respectively.
Furthermore, the Grayscale Bitcoin Trust ETF (GBTC) was losing money. GBTC had outflows of $130.4 on April 24. Consequently, the spot Bitcoin ETFs had a $120.6 million net outflow for the day.
Although IBIT has never experienced a paucity of inflows, other ETF members frequently experience similar situations. For instance, during the past two weeks, Fidelity’s FBTC has recorded three days with zero inflows.
The U.S. Bitcoin ETF market has amassed a net $12.3 billion in Bitcoin as of this writing. Nonetheless, some of the inflows recorded by the remaining 10 Bitcoin ETFs have been countered by GBTC outflows. Outflows from GBTC topped $17 billion as of January 11.
A portion of the Bitcoin ETF market players are also in the application process for Ether (ETH) in the United States. The Securities and Exchange Commission (SEC), however, has postponed making judgments about their clearance for a number of them.
The agency stated in its notice on April 23 that “the Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1.”
The SEC has extended its deadline by 60 days, until June 23, to decide whether to permit Grayscale’s ETH Trust to be converted into a spot ETH exchange-traded product on NYSE Arca.
US spot Bitcoin ETFs see daily net outflow of $120 million
According to statistics from SoSoValue, U.S. spot bitcoin exchange-traded funds witnessed a total daily net outflow of $120.64 million on Wednesday, with eight products recording negative flows.
According to SoSoValue statistics, Grayscale’s GBTC saw $130.42 million depart the converted bitcoin ETF, while the only two funds to see inflows totaling almost $10 million were those of Fidelity and Ark Invest. Zero flows were seen in eight additional funds, including Bitwise’s BITB and BlackRock’s IBIT. In instance, BlackRock’s IBIT’s 71-day winning run came to an end on Wednesday.
“Days with zero inflows are typical and not indicative of product failure,” Rachael Lucas, crypto analyst at BTC Markets, told The Block. “It also coincides with market performance and geopolitical tensions, highlighting complexities beyond ETF flows.”
Zero flows in an ETF are not a unique occurrence, according to Joe Caselin, head of institutional marketing at BIT cryptocurrency exchange, however they may be a sign that investor interest in the fund is waning.
“Bridging fiat into the BTC narrative takes time, and we will continue to see fresh inflows coming in waves as the slow but unstoppable machine of TradFi clicks with crypto,” Caselin said.
ETF shares are produced or destroyed in units, which only occurs when there is a substantial enough imbalance in supply and demand. For this reason, zero flows are frequently observed in such products, as Bloomberg ETF Analyst James Seyffart recently noted on X.
The 11 spot bitcoin exchange-traded funds’ total trading volume is getting close to $230 billion.
Tevaera, a gaming company, raised $5 million in investment led by Laser Digital and Nomura Group
Five million dollars were obtained in startup and private finance by Tevaera, a web3 gaming company that is developing on the Ethereum Layer 2 zkSync Era.
Five million dollars in new startup and private funding were secured by Tevaera, a zkSync game development company.
Along with Hashkey Capital, Fenbushi Capital, Matter Labs, Draper Dragon, Crypto.com Capital, Cogitent Ventures, Faculty Group, DWF Labs, Morningstar Ventures, DCF God, Momentum, GBV, Selini, Mapleblock, Coinswitch, GD10 Capital, Aquanow, and others, the round was co-led by Laser Digital and Nomura Group.
According to co-founder Gav Negi of the company, Tevaera plans to utilize the money to expand its workforce and start a Layer 3 gaming chain on zkSync. By the end of the year, the company hopes to enroll 2 million gamers and 12 game developers.
“It’s been a wild ride bootstrapping the project initially and then being cash flow positive through the bear market,” Negi added. “This funding is a major milestone for us to accelerate our roadmap to build a ZK Stack powered, one-stop gaming ecosystem on zkSync.”
NFT marketplace, decentralized exchange, and web3 games like racing game “Teva Run” and fantasy strategy game “Guardian Islands” are all provided by Tevaera. On its website, Tevaera claims to have over 850,000 gamers and approximately 2.5 million utility NFTs.
Zero-knowledge proofs are used by Tevaera’s Layer 2 protocol, zkSync Era, to batch and record Ethereum transactions on the mainnet. In addition, zkSync Era is a zero-knowledge proof protocol (zkEVM) that works with the Ethereum Virtual Machine, a foundation for software that allows a wide range of Ethereum applications. One tool in the ZK Stack, a blockchain-focused software stack that makes use of zero-knowledge proofs, is zkSync Era.
In a social media post on Wednesday, Tevaera stated, “With the launch of zkSync Era, the first zkEVM, we envisioned a comprehensive gaming ecosystem to effortlessly build, launch, and play web3 games, providing a player-first experience.”
Under the Tokyo-based financial services and banking group Nomura Group, Laser Digital is a digital asset enterprise.
Renzo increases airdrop allocation slightly after community outrage and temporary ezETH depeg
Renzo, the liquid restaking platform, has adjusted its airdrop details in response to user dissatisfaction with the tokenomics. The allocation for the first season has been increased from 5% to 7% of its tokens, with a total of 12% of the 10 billion supply earmarked for user airdrops.
The first airdrop, scheduled for April 30, just before the protocol’s listing on Binance, will distribute 7% of the tokens, while the subsequent phase will distribute 5%. To qualify for the airdrop, participants need at least 360 Renzo points, with eligibility determined by their points tally at the token generation event.
Previously, the top 5% of eligible wallets had half of their airdrop vested over six months. Under the new criteria, 99% of eligible wallets will be fully unlocked at launch.
The adjustments follow a depegging incident where Renzo-restaked ether (ezETH) experienced an unexpected drop, losing up to 18% of its parity with ETH. The token has since recovered but still trades at a 2% discount.
The protocol’s initial tokenomics led to frustration within the community, compounded by the disqualification of airdrop farmers engaging in leveraging strategies. This resulted in a large sell-off of ezETH, causing significant losses for leveraged positions.
Despite the challenges, Renzo remains active, with $3.2 million raised in a seed funding round and over 1 million ether ($3 billion) locked in the protocol, making it the second-largest liquid restaking platform.
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