BlackRock's IBIT Bitcoin ETF breaks 34-day streak with $430 million in outflows
Quick Take BlackRock’s IBIT spot Bitcoin ETF saw $430 million worth of outflows on Friday, breaking a 34-day streak of inflows (with three zero-inflow days). The industry-leading ETF has more than three times the assets under management as the runner-up, Fidelity’s FBTC fund. The outflows came as the price of BTC rebounded off its all-time high to drop around 4% over the past five days.
The largest spot bitcoin ETF in the world has broken its longest streak of inflows yet, shedding $430 million as the price of BTC rebounded from its all-time high.
BlackRock's IBIT fund, which has $69.2 billion worth of assets under management (AUM), saw $430 million in outflows on Friday, according to SoSoValue data . Overall, U.S. based spot Bitcoin ETFs shed $616 million on Friday, their worst trading day since February 26 of this year, following BTC's 4% drop in price over the past five days.
Despite the recent outflows, IBIT continues to dominate the Bitcoin ETF field; its AUM is more than triple the runner-up, Fidelity's FBTC fund, which has an AUM of $20.8 billion. IBIT holds 3.33% of all BTC in circulation, compared to FBTC's 1%, according to SoSoValue.
IBIT's share of the volume for the Bitcoin funds continues to hover around 80%, according to The Block's data . The funds overall broke a 10-day inflow streak on Thursday , with IBIT the only fund to report net inflows.
"The IBIT vs Everyone Else flow disparity is interesting," Bloomberg ETF analyst Eric Balchunas wrote on X . "Normally IBIT takes in 70% of the net inflows but lately it’s over 100%. My theory: the latest rally was more an institutional buying spree than retail."
"What a run over past 30+ days though," ETF Store President Nate Geraci said on X , referring to IBIT's broken streak. "IBIT now pushing $70bil in assets [less than] 17 months since launch...Not sure I have words to describe how ridiculous this is."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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