BlackRock’s IBIT Experiences $37M Outflows for First Time, Other Funds See Combined $526.8M Withdrawals

cryptonews.com:

The spot  Bitcoin  exchange-traded funds (ETFs) in the United States have witnessed record net outflows, with  BlackRock’s  iShares Bitcoin Trust (IBIT)  experiencing  its first-ever day of outflows. 

On May 1,  BlackRock’s  Bitcoin fund saw $36.9 million flow out, according to  data from Farside Investors . 

In addition, nine other Bitcoin ETFs collectively recorded outflows of $526.8 million, with the Hashdex Bitcoin ETF (DEFI) being the only one to report zero flows, as per preliminary Farside Investors data.

Among the ETFs, the Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the largest outflow for the day, with $191.1 million net outflows.

The Grayscale Bitcoin Trust (GBTC) followed closely behind, with an outflow of $167.4 million. 

This  marks the highest single-day outflow for the U.S. spot Bitcoin ETFs, with the ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF seeing outflows of $98.1 million and $13.4 million, respectively. 

These outflows coincide with a 10.7% decrease in the price of Bitcoin over the past week.

Nate Geraci, President of ETF Store, highlighted that the iShares Gold ETF and SPDR Gold ETFs have experienced outflows of $1 billion and $3 billion , respectively,  so far this year.

Interestingly, despite these outflows, gold has shown a 16% increase year-to-date, as pointed out by Geraci in a recent post.

So, iShares Bitcoin ETF has first day of outflows ($37mil)…

Has taken in $15+bil ytd.

For perspective, iShares Gold ETF has $1bil *outflows* this yr.

SPDR Gold ETF has $3bil outflows.

And gold is up 16% ytd.

This is what ETFs do. Inflows don’t go up in straight line.

— Nate Geraci (@NateGeraci) May 2, 2024

James Seyffart, an ETF analyst at Bloomberg, emphasized that the Bitcoin ETFs are