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Record Exit from BlackRock's Bitcoin Fund: $332 Million Escape Raised Expectations - Coin Bulletin
While record outflows are experienced in Bitcoin funds, a similar negative outlook continues for Ethereum.
BlackRock's iShares Bitcoin Trust ETF (IBIT), the Bitcoin fund of BlackRock, one of the world's largest asset management firms, experienced a net outflow of $332.6 million in total on Thursday, Jan. 2.
This amount was recorded as the largest outflow in a single day since the fund was launched last year. The previous record was a $188.7 million outflow recorded on Christmas Eve.
The latest data shows that the trading volume in the IBIT fund was $2.26 billion on Thursday. Neal Wen, Global Business Development Director at Kronos Research, expressed that institutional investors often take such steps to rebalance their portfolios.
Wen said, “These major surges could be a reaction to fluctuations in Bitcoin price or general market conditions.”
Positive outlook was seen by the end of 2024
IBIT, which recorded significant net inflows from the beginning to the middle of December, showed a strong performance during the period when Bitcoin reached its all-time high of $108,135.
However, in recent weeks, it has not been able to sustain this performance in terms of daily flows. Despite this, IBIT is still the largest spot Bitcoin ETF, with a total net inflow of $36.9 billion and a net asset value of approximately $53.5 billion.
Cautious entries to Spot Bitcoin ETFs
On the other hand, some spot Bitcoin ETFs recorded limited net inflows on Thursday. Bitwise's BITB fund saw net inflows of $48.3 million, while Fidelity's FBTC fund saw net inflows of $36.2 million.
ARK Invest and 21Shares' ARKB, VanEck's HODL, and Grayscale Mini Bitcoin Trust funds also experienced net inflows. However, Grayscale's GBTC fund saw a net outflow of $23.1 million.
In the US, total spot Bitcoin ETFs saw a net outflow of $242.3 million on Thursday, with a total trading volume of $3.24 billion.
Ethereum ETFs Also Saw Outflows
Spot Ethereum ETFs also experienced a total of $77.5 million net outflows on Thursday.
The largest outflow was in **Bitwise's ETHW fund at $56.1 million, while Grayscale's ETHE fund reported an outflow of $21.4 million.
The total transaction volume of Ethereum funds reached 397.2 million dollars on Thursday, exceeding the 313.1 million dollars recorded on December 31.