New data shows that BlackRock’s iShares Bitcoin (BTC) Trust (IBIT) has suffered outflows for the second time since its launch in January.
According to new information from London-based investment management firm Farside Investors, BlackRock – a company with more than $10 trillion in assets under its management – saw its BTC exchange-traded fund (ETF) endure its second-ever day of outflows earlier this week.
On August 29, IBIT saw outflows worth $13.5 million. The last time the ETF saw an outflow was on May 1, when $36.9 million disappeared from its coffers. However, May 1 is the only day on record when every major BTC ETF sees an outflow.
The data shows that IBIT’s average daily inflows amount to $130.7 million – the highest among all BTC ETFs – while its best day ever brought in $849 million.
Additionally, Grasycale’s Bitcoin Trust (GBTC) was found to be struggling the most among all BTC ETFs, seeing an average of $123 million in outflows per day.
Bitcoin ETFs, which give traders exposure to the crypto king without actually having to buy it, were approved by the US Securities and Exchange Commission (SEC) in January after being rejected for years.
Months later, ETFs based on volume-leading smart contract platform Ethereum (ETH) were also given the green light, as the industry now seeks approval for Solana (SOL)-based ETFs.
Bitcoin is trading at $58,071 at the time of writing, down 4.2% over the past 24 hours.
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Generated image: Midjourney