BlackRock’s Bitcoin ETF Sees Its Second Outflow, Losing $13.5 Million

BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) experienced its second significant withdrawal day since its introduction in January.

On August 29, the fund saw a net withdrawal of $13.5 million, marking only its second major outflow after a $36.9 million withdrawal on May 1. Data from Farside Investors highlighted this day as one of the most substantial outflow days for Bitcoin ETFs, with a cumulative $563.7 million leaving the sector.

On the same day, the 11 US-based spot Bitcoin ETFs recorded total net outflows of $71.8 million.

Among these, BlackRock’s ETF ranked third in terms of outflows. Leading the pack was the Fidelity Wise Origin Bitcoin Fund (FBTC), which registered the highest outflow of $31.1 million for the day. The Grayscale Bitcoin Trust (GBTC) followed with $22.7 million in outflows.

Interestingly, just days prior on August 26, IBIT reported a massive $224.1 million in net inflows, its most significant intake since a $526.7 million inflow on July 22.

The ARK 21Shares Bitcoin ETF (ARKB) was the only one among its peers to report a net inflow on August 29, adding $5.3 million.

These outflows occurred against a backdrop of a general downturn in Bitcoin prices, which have decreased by approximately 3.43% over the past week to $58,751, as per CoinMarketCap.

Similarly, US-based spot Ether ETFs also faced slight overall outflows of $1.7 million on August 29, despite several funds reporting no new flows.

The Grayscale Ethereum Mini Trust (ETH) stood out by attracting $3.6 million in inflows, though this was not enough to offset the $5.3 million in outflows from the higher-fee Grayscale Ethereum Trust (ETHE), which has consistently seen outflows since its launch in July, totaling $2.56 billion.

The Ether (ETH) price has also been on a decline, dropping 5.64% over the last week to $2,517.06, according to CoinMarketCap.

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