BlackRock's Bitcoin ETF Faces Major Outflow Amid Market Turmoil
BlackRock's bitcoin ETF sheds $528 million, the second-largest daily outflow on record
Image: Coindesk
BlackRock's iShares Bitcoin Trust experienced a significant outflow of approximately $528 million, marking its second-largest single-day withdrawal since its launch in January 2024. This trend reflects broader market challenges, with total outflows from U.S. spot bitcoin ETFs exceeding $2 billion over two weeks as bitcoin's price fell below $73,000.
- 01BlackRock's iShares Bitcoin Trust (IBIT) saw net outflows of $527.84 million on Wednesday, close to its record of $528.3 million.
- 02The total outflows from 11 U.S.-listed spot bitcoin ETFs reached $733.43 million on the same day.
- 03Bitcoin's price fell to $72,978 amid rising geopolitical tensions following U.S. airstrikes in the Middle East.
- 04Institutional investors are reducing bitcoin exposure, as indicated by a $1.29 billion dark-pool sale of IBIT shares.
- 05The ETF outflows have coincided with a broader decline in bitcoin prices, which have dropped from over $82,000 in early May.
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On Wednesday, BlackRock's iShares Bitcoin Trust (IBIT) recorded net outflows of approximately $527.84 million, marking the second-largest single-day withdrawal since its launch in January 2024. This outflow was part of a larger trend affecting the 11 U.S.-listed spot bitcoin ETFs, which collectively lost $733.43 million that day. The cryptocurrency market is currently under pressure, with bitcoin's price falling below $73,000 amid escalating geopolitical tensions, particularly following U.S. airstrikes in the Middle East. The outflows from IBIT and other bitcoin ETFs indicate a shift in institutional investor sentiment, as many are trimming their exposure to bitcoin. A notable $1.29 billion dark-pool block trade in IBIT shares on Tuesday further highlights this trend, suggesting that investors are strategically reducing their holdings amidst macroeconomic uncertainties. The cumulative outflows from these ETFs over the past two weeks have exceeded $2 billion, reflecting a significant shift in market dynamics.
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The significant outflows from BlackRock's bitcoin ETF and others may lead to further declines in bitcoin's price, affecting investors and market stability.
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