#bitcoin 's #BlackRock Sport ETF Reports Largest Daily Net Outflows Since Launch
BlackRock's iShares Bitcoin Trust (IBIT) ETF reported net outflows of $332.6 million on Thursday, marking its largest daily outflow since launching last year.
Thursday's record outflows surpassed the previous record of $188.7 million in net outflows seen on Christmas Eve. IBIT had a trading volume of $2.26 billion yesterday, according to data from SoSoValue.
“Institutional investors often rebalance their portfolios to align with asset allocation goals,” said Neal Wen, director of global BD at Kronos Research. “BlackRock's IBIT fund's large outflows may reflect that activity, particularly in response to Bitcoin price movements or general market conditions.”
BlackRock’s bitcoin ETF has underperformed in recent weeks in terms of daily flows compared to its series of significant net inflows seen in early and mid-December, during which bitcoin rallied to hit its all-time high of $108,135.
Even so, IBIT remains the largest spot bitcoin ETF, racking up a total net inflow of $36.9 billion so far, with net assets of nearly $53.5 billion.
Meanwhile, several other spot bitcoin ETFs reported subdued inflows on Thursday.
Bitwise’s BITB had $48.3 million in net inflows, followed by $36.2 million in inflows into Fidelity’s FBTC.
21Shares’ Ark Invest and ARKB, VanEck’s HODL, and Grayscale Mini Bitcoin Trust also saw net inflows yesterday.
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