BlackRock Spot Bitcoin ETF Witnesses $332,620,000 in Outflows, the ETF’s Largest-Ever Exodus in a Single Day
New data reveals that asset management titan BlackRock’s spot Bitcoin ( BTC ) exchange-traded fund (ETF) saw a record number of outflows earlier this week.
According to data from blockchain tracker SoSoValue, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw a staggering $332.6 million worth of outflows on January 2nd, its largest day of outflows on record.
The data also shows that other spot market BTC ETFs were mostly in the green as Fidelity’s FBTC, Arkham’s ARKB and Bitwise’s BITB all posted inflows of $36.2 million, $16.5 million, and $48.3 million respectively. Another notable ETF that posted outflows was Grayscale’s GBTC, coming in at $23 million.
IBIT and GBTC’s combined outflows made the first trading day of the year red for ETFs associated with the top crypto asset by market cap, bringing down daily total net inflows to -$242.3 million.
IBIT launched in January of 2024 after Bitcoin-based ETFs were approved by the U.S. Securities and Exchange Commission (SEC) after a judge ordered the regulatory agency to rethink its viewpoint on the matter to remain consistent with its other stances.
In November, it was reported that IBIT had surpassed BlackRock’s gold ETF (IAU) in terms of net assets, reaching over $33 billion.
As stated by Nate Geraci, co-founder of the ETF Institute, at the time,
“iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF in assets… Did this in 10 months. IAU launched in January 2005. Absolutely wild.”
IBIT is trading for $56.04 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Evaluating Probability of Ethereum Breaching the $4K Milestone Soon
Ethereum's Potential Bull Run Versus Existing Downward Forces: The Battle for the $4K Mark
What Stage of the Bitcoin Bull are We in? Are We Nearing The End Or Are We Just Getting Started?
Which stage of the bull run are we in in Bitcoin, the world's largest cryptocurrency? Are we nearing the end of the bull run? Here is the analyst forecast.
IOTA Rebased Testnet Onboards Trusted Validators Securing Billions in Assets
NEAR Protocol Supports Web3 AI With New $20M Development Fund