BlackRock's iShares Bitcoin Trust Posts Second-Ever Outflow as BTC Price Slips Under $59K

BlackRock's iShares Bitcoin Trust, a Nasdaq-listed exchange-traded fund (ETF) closely tracking the crypto king's spot price, has notched outflows for the second time ever since its debut in mid-January amid signs of waning demand.

BlackRock’s iShares Bitcoin Trust (NYSE: IBIT) suffered a setback on Thursday, with investors withdrawing over $13 million as Bitcoin’s price slipped under the $59,000 level.

BlackRock’s IBIT Posts Second-Ever Outflow

BlackRock’s iShares Bitcoin Trust, a Nasdaq-listed exchange-traded fund (ETF) that tracks the crypto king’s spot price, recorded outflows for the second time ever since its debut in mid-January.

On Aug. 29, IBIT, which is the largest spot Bitcoin ETF by assets under management, saw a net outflow of about $13.5 million, according to data compiled by Farside Investors, a London-based investment management firm.

BlackRock’s losses came as investors pulled a total of about $71.8 million from the 11 U.S.-listed spot Bitcoin ETFs on Thursday — marking the third consecutive day of negative outflows for these professional funds.

The spot BTC ETFs, which offer traditional investors exposure to the world’s leading cryptocurrency without the hassle of buying and storing it themselves, were surprisingly approved by the U.S. Securities and Exchange Commission (SEC) in January after more than a decade of rejections.

On Thursday, Grayscale’s spot Bitcoin ETF saw investors yank $22.7 million, while Fidelity’s FBTC lost $31.1 million, as per Farside’s data. Bitwise’s BITB saw about $8.1 million exiting the fund. Only ARK and 21Shares Bitcoin fund ARKB saw a net inflow, to the tune of $5.3 million.

The days-long trend in outflows from spot Bitcoin ETFs comes as the broader crypto market declined despite signals of a rate cut and continued endorsements from former U.S. President Donald Trump.

Bitcoin’s price has declined 7.9% over the past seven days, changing hands at $59,201 at press time, according to CoinGecko.

These withdrawals may concern some Bitcoin holders, as they indicate that institutional investors are leaving the market. The big question that remains is whether this is a temporary setback or the start of a larger trend.

With that in mind, traders can expect prices to continue trading sideways as we head into September without any bullish catalysts on the horizon.

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