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08/29/2024

BlackRock's Bitcoin ETF Records Second-Ever Outflow at $13.5 Million

BlackRock's Bitcoin ETF experienced its second outflow since launching in January, as Bitcoin's price slid below $59,000. BlackRock's iShares Bitcoin Trust (IBIT) recorded its second outflow in history on August 29, totaling $13.5 million. This followed the first outflow of $36.9 million on May 1. According to data from Farside Investors, August 29 also marked a record single-day outflow across all Bitcoin ETFs, with total redemptions reaching

BlackRock's Bitcoin ETF Records Second-Ever Outflow at $13.5 Million

BlackRock's Bitcoin ETF experienced its second outflow since launching in January, as Bitcoin's price slid below $59,000.

BlackRock's iShares Bitcoin Trust (IBIT) recorded its second outflow in history on August 29, totaling $13.5 million. This followed the first outflow of $36.9 million on May 1. According to data from Farside Investors, August 29 also marked a record single-day outflow across all Bitcoin ETFs, with total redemptions reaching $563.7 million.

In total, all 11 U.S. spot Bitcoin ETFs saw combined outflows of $71.8 million on August 29.

BlackRock's fund came in third, behind the Fidelity Wise Origin Bitcoin Fund (FBTC), which led the day with $31.1 million in outflows. Grayscale Bitcoin Trust (GBTC) ranked second with $22.7 million in outflows.

BlackRock's spot Bitcoin ETF has now recorded only its second-ever outflow. Source: Farside Investors

The IBIT outflow came after the fund posted $224.1 million in inflows on August 26 — its highest single-day inflow since July 22, when it took in $526.7 million.

Related: Spot Bitcoin ETFs maintained positive flows in 8 of the past 10 trading days

ARK 21Shares Bitcoin ETF (ARKB) was the only fund to record inflows on August 29, pulling in $5.3 million.

The recent outflows from Bitcoin ETFs coincide with a drop in Bitcoin's price, which fell roughly 3.43% over the past seven days, trading at $58,751 at the time of publication, according to CoinMarketCap.

Meanwhile, U.S. spot Ether ETFs also saw modest outflows of $1.7 million on August 29, with several funds recording no movement in either direction.

Seven of the nine Ether ETFs recorded no inflows or outflows on August 29. Source: Farside Investors

Grayscale Ethereum Mini Trust (ETH) was the only fund to post net inflows, bringing in $3.6 million — not enough to offset the $5.3 million in outflows from its higher-fee sibling, Grayscale Ethereum Trust (ETHE).

ETHE has recorded near-daily outflows since its July launch, accumulating a total of $2.56 billion in redemptions to date.

ETH's price has also been under pressure, falling 5.64% over the past seven days to $2,517.06, according to CoinMarketCap.