BlackRock’s Bitcoin ETF Sees Second-Ever Outflow of $13.5M

2 min read | August 30, 2024 09:20 PM AEST | By Team Kalkine Media

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BlackRock’s Bitcoin ETF Sees Second-Ever Outflow of $13.5M — Image source: shutterstock

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BlackRock’s iShares Bitcoin Trust (IBIT) has experienced its second notable day of outflows since its inception in January. On August 29, the ETF recorded a $13.5 million net outflow, marking its second significant outflow day following a $36.9 million net outflow on May 1. This period also saw a record high in outflows across Bitcoin ETFs, totaling $563.7 million, according to data from Farside Investors.

The overall net outflows for the 11 U.S.-based spot {Bitcoin} (BTC) ETFs reached $71.8 million on August 29. The Fidelity Wise Origin Bitcoin Fund (FBTC) led with $31.1 million in outflows, the largest recorded for the day. The Grayscale Bitcoin Trust (GBTC) followed with $22.7 million in outflows.

Despite this recent downturn, the iShares Bitcoin Trust had previously seen significant inflows. On August 26, it recorded $224.1 million in net inflows, the largest since July 22, when it saw $526.7 million in inflows. The ARK 21Shares Bitcoin ETF (ARKB) was the sole fund to see net inflows on August 29, with $5.3 million added to the fund.

The recent outflows coincide with a decline in Bitcoin’s price, which fell approximately 3.43% over the past week to $58,751, as reported by CoinMarketCap.

In addition to Bitcoin ETFs, U.S.-based spot Ether ETFs also saw minor outflows. On August 29, these ETFs experienced joint net outflows of $1.7 million, with several funds recording no flows. The Grayscale Ethereum Mini Trust (ETH) was the only Ether ETF to register net inflows, amounting to $3.6 million. However, this was insufficient to offset the $5.3 million in outflows from the Grayscale Ethereum Trust (ETHE), which has faced net outflows almost daily since its July launch, accumulating a total of $2.56 billion in outflows.

Ether’s price has similarly been declining, dropping 5.64% over the past week to $2,517.06.

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