What to Know
- Data indicates that BlackRock's IBIT, which manages over $53 billion in net assets, experienced a staggering outflow of over $332 million.
- This outflow surpasses the previous record of $188 million noted at the end of December.
The largest publicly traded fund tracking Bitcoin recorded its most significant outflows on Thursday, marking nearly one year since its launch.
BlackRock's Nasdaq-listed IBIT, which currently oversees more than $53 billion in net assets, witnessed a dramatic withdrawal of over $332 million on Thursday, as verified by SoSoValue. This figure eclipses the prior record of $188 million seen in late December.
Since December 20, IBIT has faced a series of outflows for the first time ever, with outflows ranging from $17 million to the substantial amount noted on Thursday.
BlackRock
Large outflows can often trigger concerns about the confidence in the ETF's strategy, the sector, or the overall market conditions. Nevertheless, it may also reflect investors actively rebalancing their portfolios or realizing profits, rather than simply a negative sentiment towards the ETF.
Conversely, other ETFs have recorded inflows; for instance, Bitwise's BITB logged $48 million and Fidelity's FBTC attracted $36 million. Grayscale's GBTC was the sole other ETF reporting outflows with $23 million.
As of the latest updates, Bitcoin trades just below $97,000, showing a rise of 1.5% over the last 24 hours.
