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BlackRock’s spot Bitcoin ETF (IBIT) has witnessed its second day of outflows since its launch early this year. IBIT recorded a whopping net outflow of $13.5 million.
The fund’s performance stems from the broader crypto market’s current volatility. Bitcoin’s price slipped below $59,000 the same day. Moreover, the US spot Bitcoin ETFs saw a total outflow of $71.8 million on the same day.
BlackRock’s Bitcoin ETF Marks Second Day of Outflows
The leading US spot Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), marked its second-ever outflow since it debuted on January 11.
According to data from Farside Investors, IBIT recorded a net outflow of $13.5 millionreflecting the bearish sentiment in the crypto market.
Following its launch, BlackRock’s Bitcoin ETF attracted significant investor interest, boasting net inflows of over $21 billion. It now holds over 350,000 BTC and is the largest Bitcoin ETF worldwide.
IBIT registered its first outflows on May 1, which amounted to $37 million. Notably, May 1 marked history as all the US spot Bitcoin ETFs recorded outflows totaling $563.7 million.
Further, Farside Investors’ data revealed that the US spot BTC ETFs marked a total exit of $71.8 million on August 29. The funds’ cumulative BTC holding since launch stands at $17.78 billion.
Fidelity Wise Origin Bitcoin Fund (FBTC) lead the outflows with an exit of $31.1 million. The Grayscale’s GBTC took second with net outflows of $22.7 million.
BlackRock’s IBIT is the third-largest loser for the day, while Bitwise’s BITB saw outflows of $8.1 million.
Conversely, the ARK 21Shares BTC ETF (ARKB) is the only ETF with net outflows on the same day. ARKB saw a total inflow of $5.3 million. However, the remaining five spot Bitcoin ETFs showed zero records of trades on August 29.
BTC Slipped Below $59,000 As Broader Crypto Market Struggles With High Volatility
IBIT’s outflows came amid the recent struggle within the broader crypto market. With increasing volatility, the crypto market has been on a rollercoaster as bears dominate. Several prominent crypto assets played in the red while Bitcoin’s price slipped below the $59,000 region on August 29.
In the past seven days, Bitcoin has plummeted by over 2.35%. Also, the primary crypto token is 19.13% below its all-time high of $73750 in March. Moreover, the cumulative crypto market stands at $1.08 trillionfollowing a 0.96% decrease over the past day.
Meanwhile, Ethereum’s price now hovers around $2,523, reflecting a 0.86% decrease over the past day. The US spot Ether ETFs also recorded negative flows, with a net outflow of $1.7 million.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
