The Bitcoin community has been abuzz with memes and market movements as the much-anticipated 2024 halving event coincided with April 20, a date known for its cultural significance. Amidst the festivities, the BlackRock's iShares Bitcoin Trust (IBIT) marked a remarkable milestone, enjoying 69 consecutive days of inflows, adding another layer to the narrative of fate surrounding the halving.

Despite Bitcoin's price exhibiting a sideways trend during this halving, the synchronicity of events has left many enthusiasts feeling that it was all part of a grand design. Eric Balchunas, an ETF analyst at Bloomberg Intelligence, highlighted the intriguing coincidence on social media, emphasizing the perfect alignment of the halving date with the 4/20 meme, coupled with the uninterrupted inflows into the largest United States spot Bitcoin ETF.

While the overall inflows into Bitcoin ETFs have tapered off since their peak in March, BlackRock's IBIT stands out as a beacon of stability, with not a single day of outflows recorded. Recent data from various sources, including Farside, indicates a tentative resurgence in momentum towards the end of the previous week. On April 19 alone, IBIT witnessed nearly $30 million in inflows, while Fidelity Investments' ETF trailed closely with approximately $55 million.

Conversely, outflows from the Grayscale Bitcoin Trust (GBTC), a subject of ongoing debate, remained modest at $45.8 million on the same day. However, recent Form 13F filings have sparked concerns about Bitcoin ETFs' ability to gain traction among mainstream investors.

Jim Bianco, the founder of macro research firm Biacno Research, expressed disappointment over the first-quarter allocation data, noting a shrinkage in unrealized gains. Balchunas, on the other hand, remains optimistic, likening the adoption of Bitcoin ETFs to the usage of hot sauce by asset managers.

Despite only a small percentage of total shares being held by around 60 reported holders, the high daily trading volume suggests significant interest, aligning with the thesis that these products will serve as a spice in traditional investment portfolios.