- In June, all Bitcoin ETFs recorded significant outflows, led by Grayscale Bitcoin Trust with $559 million
- BlackRock’s Global Allocation Fund announced ownership of 43,000 IBIT shares
We are nearing final approval of spot Ethereum [ETH] ETFs scheduled for July 4th. And yet, according to a recent CNF report, Bitcoin [BTC] ETFs have consistently seen significant outflows over the month.
Bitcoin ETFs are underperforming
In fact, data from Farside Investors revealed that this was the case for most Bitcoin ETFs in June. At the time of writing, Grayscale Bitcoin Trust (GBTC) led the pack with nearly $559 million in outflows since June 10.
Source: Farside Investors
As of June 27, GBTC was the only BTC ETF to record outflows of $11.4 million, while others recorded inflows or remained neutral with no inflows or outflows.
BlackRock’s surprising move
While BTC’s Spot ETF market has seen its fair share of volatility since its adoption, it’s worth noting that at the time of writing, BlackRock’s iShares Bitcoin Trust (IBIT) was the only one standing out with zero outflows since June 10.
But surprisingly a recent one SEC filing revealed that BlackRock’s Global Allocation Fund now owns 43,000 shares of IBIT. This makes it the third internal BlackRock fund to invest in BTC.
The same was first highlighted by a blockchain analytics firm – MacroScope. The tweet claimed:
“Today, BlackRock’s Global Allocation Fund disclosed in an SEC filing that it owned 43,000 shares of the iShares Bitcoin Trust as of April 30.
The company expanded on this further, adding:
“This follows two documents filed by BlackRock on May 28 disclosing exposure to Bitcoin in its Strategic Global Bond Fund and in its Strategic Income Opportunities Portfolio (see my tweets from that day).”
Other ETFs in the pipeline
This news came after VanEck filed for an S-1 registration statement for its ‘VanEck Solana Trust’ on Thursday. This marks the first public attempt to launch a spot Solana [SOL] ETFs in the United States.
Needless to say, with the crypto community eagerly awaiting the launch of a Spot Ethereum ETF and thanks to VanEck’s Solana update, BlackRock’s surprise revelation has sent ripples across the market.
Repeating the same thing: an X user – Bam – said,
“Does this mean they own Bitcoin themselves and not just on behalf of their customers? This is news, right?”
However, it’s worth pointing out that some also came to BlackRock’s defense. One of them claimed:
Source: LeoA/X
Impact on the price of Bitcoin
Thanks to these updates, BTC saw a modest increase of 0.35%, with the crypto trading at $61,401 at the time of writing.
And yet, Bitcoin still struggled to break into the bullish zone on the charts, as confirmed by the fact that the RSI remained well below the neutral level.
Source: TradingView