BlackRock’s Bitcoin ETF Sees Largest Outflow Since Launch
BlackRock’s iShares Bitcoin Trust (IBIT) has ended its 31-day inflow streak with a massive outflow of $430.8 million, marking the largest single-day outflow since its launch in January 2024. This significant outflow surpasses the previous record of $418.1 million on February 26.
Key Details:
- Outflow Amount: $430.8 million
- Previous Record: $418.1 million (February 26)
- Total Outflows: 11 US spot Bitcoin ETFs recorded $616.1 million in net outflows on May 30
Despite this significant outflow, IBIT remains a dominant player in the Bitcoin ETF market. It manages approximately $70 billion in assets. ETF analyst Nate Geraci praised the fund’s performance, saying, “What a run over the past 30+ days, though… Not sure I have words to describe how ridiculous this is.”
Market Insights:
- Master Ventures founder Kyle Chasse believes the outflow isn’t due to retail panic. He suggests it’s rather a transfer of supply to strong hands.
- Bitcoin’s spot price is $103,700, down 2.27% over the past 24 hours.
Other Bitcoin ETFs also saw significant outflows, including:
- Ark Invest’s ARKB: $120 million
- Bitwise’s BITB: $35 million
- Grayscale’s GBTC: $16 million
- Fidelity’s FBTC: $14 million
