Bitcoin (BTC) at $64,761 is generating some classic memes this week, and it's not just because of the "4/20" halving date.

The spot Bitcoin exchange-traded funds (ETFs) have been remarkably successful, leading market observers to celebrate a halving that seems "almost too perfect."

This halving has become a meme-filled event, with BTC price action remaining largely sideways, yet its timing has given some a sense of predestined alignment.

Eric Balchunas, an ETF analyst at Bloomberg Intelligence, pointed out a curious coincidence on X (formerly Twitter). Not only did the halving event occur on April 20, known as "4/20," a significant meme date, but the largest United States spot Bitcoin ETF saw 69 consecutive days of inflows.

"It's a little too perfect," Balchunas remarked.

While Bitcoin ETFs have experienced a slowdown in inflows since their peak in March, BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF by assets under management, has not seen a single day of outflows.

Recent data on ETF flows, including from Farside, a United Kingdom-based investment firm, suggests that momentum is tentatively returning. On April 19, IBIT received just under $30 million in inflows, while the second-largest ETF, operated by Fidelity Investments, attracted nearly $55 million.

Meanwhile, outflows from the Grayscale Bitcoin Trust (GBTC), a topic of ongoing debate, were modest at $45.8 million on the same day.

Recent form 13F filings have raised concerns that Bitcoin ETFs have yet to penetrate the mainstream majority. Jim Bianco, creator of macro research firm Biacno Research, described the first-quarter allocation data as a "disappointment," noting that unrealized gains are shrinking rapidly.

However, Balchunas countered this, suggesting that asset managers view 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 explained. "This indicates that most of the interest is small-scale, but there are many participants. This aligns with the high daily number of trades and our thesis that it's going to be used like hot sauce for 60/40 people, just adding a little bit."