Key Points
- Bitcoin is now trading above $57k, amidst huge recent price volatility.
- BlackRock’s BTC ETF, IBIT, saw approximately $37 million in outflows the other day.
Bitcoin is now trading above $57k, as huge volatility is marking the token’s price these days. BTC is up by over 1.5% in the past 24 hours on CoinMarketCap.
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Regarding new data on Bitcoin ETFs in the US, according to the latest reports coming from SoSoValue, yesterday’s Bitcoin ETFs had a total net outflow of $564 million, a record high.
ARK 21Shares Bitcoin ETF saw an outflow of about $98.1 million, and Franklin Bitcoin ETF saw $13.4 million in outflows.
Grayscale GBTC saw a single-day outflow of $167 million, and BlackRock ETF IBIT had its first net outflow, with $36.93 million.
The Fidelity ETF FBTC had the largest single-day net outflow, with a single-day net outflow of $191 million.
Yesterday was the day with the largest single outflow day for the US BTC ETFs.
Bloomberg: Bitcoin ETFs still operate smoothly
Bloomberg ETF analyst James Seyffart noted that the Bitcoin ETFs continue to operate smoothly across the board. He also said that inflows and outflows are part of the norm, regarding the “life of an ETF.”
Should add — these ETFs are operating smoothly across the board. Inflows and outflows are part of the norm in the life of an ETF.
— James Seyffart (@JSeyff) May 2, 2024
He also made a reference to BlackRock’s BTC ETF product, IBIT, saying that the company should unplug it and then plug it back in to fix things.
Trying !! I’m on the phone with Blackrock right now. I’ve just suggested that they should unplug $IBIT and then plug it back in. Will report back if they listen and if it fixes things.
— James Seyffart (@JSeyff) May 2, 2024
BlackRock’s BTC ETF, IBIT, saw four days in a row with zero inflows and outflows, and yesterday was the first day when the company’s product witnessed an outflow.
This came after the company saw a 71-day inflow streak and according to analysts, the other day of outflows is normal considering the record that BlackRock witnessed.
On April 24, IBIT halted its 71-day inflow streak which triggered concerns as the fund has previously managed to attract new investments on a daily basis.
On January 11, 2024, IBIT started trading with only 2.621 BTC in holdings, but the company witnessed a significant increase in its holdings by 10,378%. Larry Fink, BlackRock’s CEO said that their BTC ETF product is the fastest-growing in history.
