BlackRock's Bitcoin ETF Faces Major Setback with $332 Million Outflow
Coindesk•3 months ago•
830

BlackRock's Bitcoin ETF Faces Major Setback with $332 Million Outflow

Market Sentiment
blackrock
bitcoin
etf
marketanalysis
cryptooutflow
Share this content:

Summary:

  • BlackRock’s IBIT saw a record $332 million outflow.

  • Previous record outflow was $188 million in late December.

  • IBIT has faced outflows since December 20, marking its first in history.

  • Other ETFs like Bitwise’s BITB and Fidelity’s FBTC saw inflows.

  • Bitcoin price is just under $97,000, up 1.5% in the last 24 hours.

BlackRock’s Bitcoin ETF Records Its Largest Outflow

BlackRock's IBIT started the new year on a rough note, losing millions in net outflows on Thursday.

BlackRock

What to know:

  • Data shows that BlackRock’s IBIT, which holds over $53 billion in net assets, saw over $332 million leave the fund.
  • Thursday's tally exceeds the short-held previous record outflow of $188 million in late December.

The largest public fund tracking Bitcoin (BTC) recorded its highest outflows on Thursday, nearly one year after going live. BlackRock’s Nasdaq-listed IBIT, which holds over $53 billion in net assets, saw over $332 million leave the fund on Thursday, according to data source SoSoValue. These exceed a short-held previous record of $188 million in late December.

IBIT has recorded a string of outflows since December 20 for the first time in its history, with figures ranging from $17 million to as much as Thursday’s numbers.

SoSoValue

Large outflows can signal a lack of confidence in the ETF's strategy, sector, or broader market segment. However, it could also be due to investors rebalancing their portfolios or taking profits, which is not necessarily a negative outlook on the ETF.

Other ETFs recorded inflows, with Bitwise’s BITB taking on $48 million and Fidelity’s FBTC taking in $36 million. Grayscale’s GBTC was the only other ETF with outflows at $23 million.

Bitcoin trades just under $97,000 at writing time, up 1.5% in the past 24 hours.

Comments

0

Join Our Community

Sign up to share your thoughts, engage with others, and become part of our growing community.

No comments yet

Be the first to share your thoughts and start the conversation!

Newsletter

Subscribe our newsletter to receive our daily digested news

Join our newsletter and get the latest updates delivered straight to your inbox.

BitcoinToday.app logo

BitcoinToday.app

Get BitcoinToday.app on your phone!