New data shows that asset management titan BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) saw record outflows earlier this week.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw a staggering $332.6 million in value, according to data from blockchain tracker SoSoValue outflow on January 2, the largest day of outflow ever recorded.
The data too shows that other BTC ETFs in the spot market were mostly in the green, as Fidelity’s FBTC, Arkham’s ARKB, and Bitwise’s BITB all saw inflows of $36.2 million, $16.5 million, and $48.3 million, respectively. Another notable ETF that posted outflows was Grayscale’s GBTC, which totaled $23 million.
The combined outflows from IBIT and GBTC turned the first trading day of the year red for ETFs associated with the top crypto assets by market capitalization, reducing daily total net inflows to -$242.3 million.
IBIT was launched in January 2024 after Bitcoin-based ETFs were approved by the US Securities and Exchange Commission (SEC) after a judge ordered the regulator to reconsider its position on the issue to remain consistent with its other positions.
In November, it was reported that IBIT had surpassed BlackRock’s gold ETF (IAU) in terms of net assets, to more than $33 billion.
As Nate Geraci, co-founder of the ETF Institute at the time, said:
“iShares Bitcoin ETF (IBIT) has now surpassed the iShares Gold ETF in assets… Did this in 10 months. IAU was launched in January 2005. Absolutely wild.”
IBIT is trading at $56.04 at the time of writing.
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Generated image: Midjourney