Summary:
BlackRock's Bitcoin ETF experiences $13.5 million in outflows, marking its first major loss in four months.
The iShares Bitcoin Trust (IBIT) has drawn many retail investors seeking Bitcoin exposure.
Other funds like Fidelity and Grayscale collectively faced $71.8 million in outflows on the same day.
Bitcoin's current price is around $59,000, contributing to the overall market sentiment.
The only ETF to gain inflows was the ARK 21Shares Bitcoin ETF, attracting $5.3 million.
BlackRock's Bitcoin ETF Sees Significant Outflows
The spot Bitcoin exchange-traded fund (ETF) from BlackRock, the world’s largest asset manager, experienced net outflows of $13.5 million on August 29. This marks its first substantial losses in four months, as reported by Cointelegraph.
This recent outflow is particularly surprising given the popularity of BlackRock’s iShares Bitcoin Trust (IBIT), which has drawn many retail traders seeking exposure to Bitcoin. The last time IBIT encountered such losses was in May, when it recorded net outflows of $36.9 million.
Market Context
On the same day, other rival funds including those from Fidelity, Bitwise, and Grayscale reported combined outflows totaling $71.8 million. Despite this, market analysts remain unperturbed amid a general decline in Bitcoin’s price, which is currently around $59,000.
Comparative Losses
BlackRock’s outflows were overshadowed by those of Fidelity and Grayscale, which together lost over $53 million. Specifically, the Fidelity Wise Origin Bitcoin Fund experienced $31.1 million in net losses, while the Grayscale Bitcoin Trust (GBTC) saw losses exceeding $22 million. Interestingly, the ARK 21Shares Bitcoin ETF was the only fund to report inflows on this date, with $5.3 million in net inflows.
Ether ETFs Also Struggling
Outflows are not limited to Bitcoin ETFs; spot ether ETFs, which started trading in July, also faced challenges, recording $1.7 million in losses on August 29.
Comments