BlackRock clients pull $300M from Bitcoin ETF amid wave of institutional outflows
BlackRock’s iShares Bitcoin Trust recorded another significant redemption event, with clients pulling over $300 million from the fund, according to data from Farside Investors.
The numbers behind the selloff
US spot Bitcoin ETFs recorded $231 million in net outflows on Monday, bringing their cumulative net outflows for the month to approximately $4.3 billion.
BlackRock’s IBIT accounted for the majority of the withdrawals, with roughly $3.3 billion in net outflows during the period. That means the fund represented about 77% of all redemptions across the US spot Bitcoin ETF market since June 1.
The pressure was also evident on a daily basis. On June 26, IBIT posted a single-day net outflow of $444.5 million, marking its largest daily redemption of the month.
Why institutions are selling now
Rising Treasury yields have created pressure on large institutional portfolios to rebalance.
Money allocated to Bitcoin exposure becomes a candidate for rotation into assets that now offer more attractive yields with far less volatility.
Bitcoin remained under pressure, falling to $59,558 after briefly climbing above $60,600 earlier in the day.
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.
You may also like
Glassnode reports $14.2 billion stablecoin drop, $1.6 billion Bitcoin ETF outflow
CoreWeave's surge gives AI cloud a breather, now all eyes are on the Anthropic IPO and Nvidia
CoreWeave’s Q3 revenue and guidance both exceeded expectations, with its stock price surging 25% in a single day and the new cloud sector soaring over 12%. Reports of Anthropic’s potential $1.5 trillion IPO valuation, OpenAI’s quarterly revenue surpassing $10 billion for the first time, and these three positive catalysts together have boosted confidence in the AI computing power industry chain, which was previously troubled by doubts about AI returns. Next week’s Nvidia earnings report and Anthropic’s IPO will be the true test of whether this rally can continue.
AI Computing Power and Semiconductors Stage a Strong Rebound—Why Is Wall Street Cautious About U.S. Stocks? Key Indicators Reveal the Bottom Hasn't Been Reached
The sharp volatility in the US stock market has prompted investors to carefully analyze various data to determine whether the sell-off has ended. Early indicators suggest that it may be too soon to declare that the market has resumed its normal upward trajectory.
Nvidia (NVDA.US) Governance Crisis Escalates: Jensen Huang Exposed for Another Affair, Board Considers Dismissal, and Wall Street Begins Pricing in a “No Jensen” Scenario
The world's most valuable semiconductor company is experiencing the most severe corporate governance crisis since its establishment.
Crypto prices
More
