BlackRock’s Bitcoin ETF Records $418M in Daily Outflows as Market Slumps
BlackRock’s iShares Bitcoin Trust (IBIT) experienced a record daily outflow of $418.1 million on Wednesday, coinciding with Bitcoin’s (BTC) decline to approximately $82,000.
Key Highlights:
- Massive Outflows Across U.S. ETFs: Total outflows from all U.S. spot-listed Bitcoin ETFs reached $754.6 million, with cumulative outflows surpassing $3.6 billion since February 7, according to Farside data.
- High Trading Volume: Coinglass data indicates IBIT saw $4.19 billion in trading volume on Wednesday, ranking as the sixth most-traded ETF in the U.S. for the day.
- CME Open Interest Decline: Open interest on the Chicago Mercantile Exchange (CME) dropped to 155,270 BTC—the lowest level since November—suggesting that the unwinding of the basis trade is underway.
This wave of outflows and declining market activity underscores a shift in sentiment as traders reassess positions amid ongoing volatility in the crypto market.
