Since its introduction in January, BlackRock's Bitcoin exchange-traded fund (ETF) has seen its second outflow day.
According to Farside Investors statistics, the iShares Bitcoin Trust ETF (IBIT) witnessed a net outflow of $13.5 million on August 29. This is the second net outflow the fund has seen since May 1, when it saw a net outflow of $36.9 million. That May 1 outflow was also the worst joint outflow day ever for the Bitcoin ETFs, totaling $563.7 million.
On August 29, a combined $71.8 million was taken out of the 11 Bitcoin ETFs with US bases.
The Fidelity Wise Origin Bitcoin Fund (FBTC) had the greatest net withdrawals of the day, $31.1 million, placing BlackRock's fund third. With $22.7 million in outflows, the Grayscale Bitcoin Trust (GBTC) secured the second position.
IBIT's outflow day coincides with its greatest net inflow since July 22, when it reported $526.7 million in inflows, on August 26. The inflow was $224.1 million.
The only ETF to have net inflows on August 29 was Cathie Wood's ARK 21Shares Bitcoin ETF, which had $5.3 million enter the fund.
The most recent withdrawals from Bitcoin ETFs coincide with a wider decline in the cryptocurrency's value, which, according to CoinMarketCap, has dropped by about 3.43% over the past seven days to trade at $58,751.
On August 29, spot Ether ETFs headquartered in the United States had a small combined outflow of $1.7 million, with several funds experiencing no flows at all.
The only ETF to record a net inflow was the Grayscale Ethereum Mini Trust (ETH), which came in at $3.6 million, but it was unable to stop the $5.3 million in net withdrawals from its sister trust, the Grayscale Ethereum Trust (ETHE), which has higher fees.
Since its debut in July, Grayscale's Ethereum Trust has seen net outflows almost every day, totaling $2.56 billion.
According to CoinMarketCap, the price of ETH has also been declining, falling 5.64% over the past seven days to $2,517.06.
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