BlackRock’s Bitcoin ETF Sees Record Outflows
A recent report has revealed that BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced a significant amount of outflows earlier this week. Data from blockchain tracker SoSoValue shows that on January 2nd, the IBIT saw a record $332.6 million worth of outflows, marking its largest day of outflows to date.
In contrast, other spot market BTC ETFs such as Fidelity’s FBTC, Arkham’s ARKB, and Bitwise’s BITB saw inflows of $36.2 million, $16.5 million, and $48.3 million respectively. Grayscale’s GBTC also experienced outflows of $23 million. The combined outflows from IBIT and GBTC resulted in a negative net inflow of -$242.3 million for ETFs associated with the top cryptocurrency.
IBIT was launched in January 2024 following the approval of Bitcoin-based ETFs by the U.S. Securities and Exchange Commission (SEC). In November, IBIT surpassed BlackRock’s gold ETF (IAU) in terms of net assets, reaching over $33 billion.
Nate Geraci, co-founder of the ETF Institute, commented on IBIT’s rapid growth, stating, "iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF in assets… Did this in 10 months. IAU launched in January 2005. Absolutely wild."
At the time of writing, IBIT is trading at $56.04. The data highlights the volatility and shifting trends in the cryptocurrency market, with investors closely monitoring the performance of Bitcoin ETFs.
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