BlackRock’s Bitcoin Spot ETF Sees First Day of Exits in Almost 4 Months

The iShares Bitcoin Trust (IBIT), issued by BlackRock, the world’s largest asset management firm, has just recorded its first exit day in nearly four months.

IBIT investors withdrew $13.5 million from the fund on Thursday, August 29th, data from Farside Investors shows. The last time BlackRock’s Bitcoin exchange-traded fund (ETF) posted a negative inflow was on May 1, with outflows totaling $36.9 million. . Since then, the fund has witnessed inflows or zero inflows.

IBIT sees first daily exit since May

BlackRock’s IBIT has been the leading Bitcoin ETF since May, when it outperformed the Grayscale Bitcoin Trust (GBTC) after 96 trading days after its launch. IBIT then became the largest spot Bitcoin ETF, with assets under management (AUM) exceeding $19.7 billion and 288,671 bitcoins (BTC) in its holdings.

IBIT currently has 357,740 BTC and its AUM is $17.24 billion, mainly because BTC is worth 13% less than it was at the time.

At the end of May, BTC was worth around $68,000; however, according to data from CoinMarketCap at the time of writing, the leading cryptocurrency was changing hands at $59,200, a slight drop in the past 24 hours.

ETF on 3-Day Outbound Streak

The IBIT exit and fall in bitcoin value comes as the US Bitcoin ETF market witnesses a three-day exit streak. Investment products recorded $127.1 million in outflows on August 27, $105.3 million in negative flows on August 28, and investors withdrew another $71.8 million on August 29 August

The outflows have been so strong that only Ark Invest’s ARKB has seen inflows in the last three days, and that was on August 29, to the tune of $5.3 million. Other funds, such as Fidelity’s FBTC, Bitwise’s BITB and Invesco Galaxy’s BTCO, have seen exits or no action.

Grayscale’s GBTC continued its outflow streak, with investors withdrawing $22.7 million. The fund has recorded negative flows totaling $49 million in the past three days.

Despite the negative flows of the past few days, the total net assets of the local US Bitcoin ETF market represent 4.62% of the bitcoin market capitalization, according to data from SosoValue. The funds have recorded cumulative net inflows of $17.78 billion since launch and have a total of $50 billion.

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