(Bloomberg) -- For 71 days in a row, BlackRock Inc.’s Bitcoin fund enjoyed a remarkable run, amassing almost $18 billion in one of the biggest exchange-traded fund launches ever. Now, investors have stopped piling in as the crypto fever eases.

Daily inflows into the ETF, ticker IBIT, dropped to effectively zero on Wednesday, data compiled by Bloomberg show. So far in April, IBIT has taken in a net $1.5 billion.  

IBIT’s milestone adds to signs of crypto-market fatigue after the ETF-induced mania propelled Bitcoin to a record high of almost $74,000 in March. The original cryptocurrency is down nearly 15% since then, and the much-anticipated “halving” that took place on April 20 has failed to yield an immediate boost. 

Even so, the new vehicles have had a profound impact on crypto. Together, they’ve taken in almost $54 billion, landing Bitcoin in the portfolios of potentially millions of investors. Hong Kong, which is trying to establish itself as a crypto hub, is about to host its maiden listings of Bitcoin and Ether ETFs, and more markets may soon follow suit. 

Even after net inflows ground to a halt, IBIT is fast closing in on Grayscale Bitcoin Trust, the current leader. Some $130 million flowed out of that ETF on Wednesday, bringing total outflows this year to $17 billion, data compiled by Bloomberg show.

The ETF (ticker: GBTC) charges a 1.5% management fee, the highest among the group of funds that launched in early January. And with the launch of ETFs in Hong Kong, the fee war that put pressure on GBTC may be poised to intensify. 

“We could see more outflows come as Hong Kong launches spot Bitcoin ETFs with two issuers waiving management fee,” said Bloomberg Intelligence ETF Analyst Rebecca Sin. 

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