Key Points
- US spot Bitcoin ETFs experienced record net outflows, including BlackRock’s iShares Bitcoin Trust.
- Despite this, Bitcoin ETFs are still operating smoothly, with inflows and outflows considered normal.
US-based Bitcoin (BTC) exchange-traded funds (ETFs) have recently recorded significant net outflows.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first-ever outflow day, with $36.6 million flowing out on May 1.
Other Bitcoin ETFs Also See Outflows
In addition to this, nine other Bitcoin ETFs saw a combined $526.8 million in outflows.
The Hashdex Bitcoin ETF (DEFI) was the only one that didn’t record any flows, according to preliminary data from Farside Investors.
The Fidelity Wise Origin Bitcoin Fund (FBTC) had the largest outflow for the day, with $191.1 million in net outflows.
The Grayscale Bitcoin Trust (GBTC) followed closely behind with an outflow of $167.4 million.
This marks the largest single outflow day for US spot Bitcoin ETFs, which included the ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF with $98.1 million and $13.4 million in outflows, respectively.
Bitcoin ETFs Still Operating Smoothly
Despite these outflows, ETF Store president Nate Geraci pointed out that the iShares Gold ETF and SPDR Gold ETFs have had $1 billion and $3 billion in outflows so far this year, yet gold is up 16% year-to-date.
Meanwhile, Bloomberg ETF analyst James Seyffart noted that Bitcoin ETFs are still “operating smoothly across the board” and that “inflows and outflows are part of the norm in the life of an ETF.”
