BlackRock’s BTC ETF Records Second-Ever Outflows As Bitcoin Slipped Below $59,000

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 million, reflecting 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 trillion, following 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.

The post BlackRock's BTC ETF Records Second-Ever Outflows As Bitcoin Slipped Below $59,000 appeared first on The Tech Report.