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BlackRock reports second day of outflows since January debut

BlackRock reports second day of outflows since January debut

Cryptobriefing2024/08/30 09:48
By:Cryptobriefing

Key Takeaways

  • The iShares Bitcoin Trust saw its second outflow since January, reporting $13.5 million withdrawn.
  • US spot Bitcoin ETFs have experienced a three-day streak of net outflows.

BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust, faced a setback on August 29, with investors pulling $13.5 million, data from Farside Investors shows. This marks the second day of outflows since the fund’s debut in January.

BlackRock reports second day of outflows since January debut image 0 Source: Farside Investors

The fund, trading under the IBIT ticker, has seen consistent net capital almost every single day following its trading debut . As of August 29, IBIT drew almost $21 billion in net inflows, with its Bitcoin holdings exceeding 350,000 Bitcoin (BTC).

The ETF experienced its first outflow on May 1, totaling about $37 million. On the same day, US spot Bitcoin products saw their largest daily outflow, with approximately $564 million withdrawn.

So far this week, IBIT reported gains only on Monday, with $224 million in new investments . Thursday’s negative performance came after two days of zero flows.

ARK Invest/21Shares’ Bitcoin ETF was the only fund to report net inflows on Thursday, while competing Bitcoin ETFs managed by Fidelity, Bitwise, Valkyrie, and Grayscale, saw a cumulative net outflow of over $63 million.

Overall, the group of US spot Bitcoin ETFs ended yesterday with nearly $72 million in net outflows, extending its losing streak to three consecutive days.

Bitcoin fails to hold $61,000

The negative performance of US spot Bitcoin ETFs comes amid Bitcoin’s ongoing price stagnation.

Bitcoin’s recent attempt to reclaim a stable position above $61,000 faltered, with the price dropping back below $59,000 during Thursday’s US trading session, according to data from TradingView.

Despite a brief climb, Bitcoin was only marginally up by 0.6% over the past 24 hours. At press time, BTC is trading at around $59,000, down around 10% over the past month.

Meanwhile, Ether also struggled, recording a slight decline of 0.5% and barely maintaining above the $2,500 mark.

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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.

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