BlackRock’s Bitcoin ETF has experienced its second-ever day of outflows as the price of Bitcoin slipped below $59,000.
BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has experienced its second outflow since its launch in January.
The IBIT ETF recorded a net outflow of $13.5 million on August 29, which marks its second outflow since it saw a $36.9 million net outflow on May 1.
According to data from Farside Investors, this day also tied for the worst outflow day on record for Bitcoin ETFs, with a total of $563.7 million.
On August 29, the 11 spot Bitcoin ETFs based in the United States collectively recorded net outflows amounting to $71.8 million.
BlackRock’s fund ranked third in outflows, trailing the Fidelity Wise Origin Bitcoin Fund (FBTC), which had $31.1 million in net outflows, the largest for that day, and the Grayscale Bitcoin Trust (GBTC), which saw $22.7 million in outflows.
IBIT’s day of net outflows follows a period on August 26 when it recorded $224.1 million in net inflows, the largest since July 22, when it experienced inflows of $526.7 million.
Among the Bitcoin ETFs, the ARK 21Shares Bitcoin ETF (ARKB) was the only one to experience net inflows on August 29, with $5.3 million coming into the fund.
These recent outflows from Bitcoin ETFs are happening against the backdrop of a broader decline in Bitcoin’s price, which has dropped around 3.43% over the past seven days to $58,751, according to CoinMarketCap.
At the same time, US-based spot Ether ETFs experienced minor net outflows of $1.7 million on August 29, with several funds having no activity.
The Grayscale Ethereum Mini Trust (ETH) was the only ETF that reported a net inflow, bringing in $3.6 million.
However, this was not enough to offset the $5.3 million net outflow from its higher-fee counterpart, the Grayscale Ethereum Trust (ETHE).
Since its launch in July, ETHE has seen net outflows almost every day, totaling $2.56 billion in outflows so far.
ETH’s price has also been trending downward, with a 5.64% decrease over the last seven days, bringing it to $2,517.06, as reported by CoinMarketCap.
