The iShares Bitcoin Trust, managed by BlackRock, experienced a significant outflow of $13.5 million on Thursday. This marks the first withdrawal for IBIT since May 1st, and only the second time since its launch in January. The ETF has maintained a trend of nearly daily inflows, solidifying its position as a leading Bitcoin investment option.
Before the recent $13.5 million withdrawal, the fund last faced outflows on May 1st, when $37 million was withdrawn, coinciding with Bitcoin reaching a local low of $56,000.
The recent outflow occurs amidst a broader trend of spot Bitcoin ETFs, which recorded a total of $71.8 million in withdrawals for the third consecutive day on Thursday. Competing Bitcoin ETFs from Grayscale, Fidelity, Valkyrie, and Bitwise also experienced outflows, varying between $8 million and $31 million.
In contrast, ARK’s Bitcoin ETF saw an influx of $5.3 million, deviating from the general trend of outflows. These mixed results reflect varied investor sentiments in light of Bitcoin’s stagnation below $60,000. BlackRock’s IBIT’s first outflow in months is a noteworthy occurrence, potentially signaling that a bottom has been reached, similar to previous patterns, or it could herald further outflows.
However, it’s important to note that BlackRock’s Bitcoin ETF has still garnered an impressive total of over $20 billion in net inflows throughout its existence. It continues to be the leading spot Bitcoin fund, managing over 350,000 BTC, making it one of the largest institutional Bitcoin holders.
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