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 (formerly Twitter), 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.

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.

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.