BlackRock’s cryptocurrency exchange-traded fund (ETF), iShares Bitcoin Trust, saw $13.5 million in outflows on Thursday. It was the first outflow for the IBIT fund since May 1. Thursday’s outflow was the second ever for the iShares Bitcoin Trust since its launch in January. The fund has seen steady inflows on a near-daily basis, cementing its position as the dominant investment product for bitcoin.
Before Thursday’s $13.5 million inflow, the fund last saw withdrawals on May 1, when $37 million was withdrawn. That coincided with bitcoin hitting a local low of $56,000.
The outflow comes as bitcoin ETFs posted a third straight day of withdrawals, totaling $71.8 million on Thursday. Rival bitcoin ETFs from Grayscale, Fidelity, Valkyrie and Bitwise also reported outflows ranging from $8 million to $31 million.
Meanwhile, ARK’s Bitcoin ETF saw inflows of $5.3 million, reversing the negative trend. The mixed inflows highlight the mixed investor outlook amid Bitcoin’s stagnation below $60,000. The exit of BlackRock’s IBIT fund for the first time in months is a notable development. It could signal that the bottom has come to an end like the last time, or it could be the start of more outflows.
However, BlackRock’s Bitcoin ETF has still attracted a staggering net inflow of over $20 billion over its lifetime, and its Spot Bitcoin Fund remains the dominant asset with over 350,000 bitcoins under management, making it one of the largest Bitcoin ETFs in the world. Institutional Bitcoin Holders.
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