BlackRock’s Bitcoin ETF Sees Record Outflows, Other Crypto ETFs in the Green
New data has emerged revealing that BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced a significant outflow of $332.6 million on January 2nd. This marks the largest day of outflows on record for the asset management giant’s spot Bitcoin exchange-traded fund.
According to blockchain tracker SoSoValue, while IBIT faced substantial outflows, 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 recorded outflows of $23 million.
The combined outflows from IBIT and GBTC resulted in a negative start for ETFs associated with the top cryptocurrency by market cap, with total net inflows for the day reaching -$242.3 million.
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, exceeding $33 billion.
Nate Geraci, co-founder of the ETF Institute, commented on this milestone, 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."
As of the time of writing, IBIT is trading at $56.04. The fluctuating trends in ETFs associated with Bitcoin highlight the dynamic nature of the cryptocurrency market and the influence of institutional investors on asset flows.
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