BlackRock’s IBIT Sees Largest Daily Outflow as Spot Bitcoin ETFs Bleed
2025-01-03
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The United States spot Bitcoin exchange-traded funds (ETFs) market is bleeding heavily as investors withdraw their funds amid BTC’s lack of price momentum. This string of withdrawals has resulted in the BlackRock iShares Bitcoin Trust (IBIT) recording its largest daily outflow since its inception almost a year ago.
Data from CoinGlass’ Bitcoin ETF overview shows that investors withdrew around $332.6 million from IBIT on January 2. The 11 spot Bitcoin ETFs collectively recorded outflows totaling $247.8 million due to a few funds seeing a little above $106 million in inflows.IBIT Records Largest Daily Outflow
Besides IBIT, Grayscale’s GBTC recorded $23.10 million in outflows, while funds issued by asset managers Fidelity, Ark Invest/21Shares, Bitwise, and VanEck all saw moderate positive flows.
BlackRock’s spot Bitcoin product, the largest and highest-performing Bitcoin ETF, has been underperforming over the past few weeks. The fund’s previous net outflow record was on Christmas Eve, when investors withdrew a total of $188.7 million.
Since December 19, IBIT has witnessed only three days of inflows, with more outflows and one day of no flows. Contrarily, the fund raked in billions in capital injections from mid-November till mid-December as BTC rallied above $109,000 following the emergence of Donald Trump as the new president of the United States.Still The Largest Bitcoin ETF
Despite IBIT’s recent poor performance, the fund remains the biggest spot Bitcoin ETF, having crushed several milestones in recent months. IBIT has assets under management (AUM) worth over $51 billion and net inflows above $36.9 billion.
In early November, barely ten months after its launch, IBITcrossed$33 billion in AUM, surpassing that of BlackRock’s iShares Gold ETF (IAU), which has been in existence for nearly 20 years. Less than six weeks later, IBIT almost doubled IAU’s AUM, reaching $58.57 billion in assets. CryptoPotatoreportedthat it took IBIT less than twelve months to crush and nearly double a milestone that IAU took 20 years to achieve.
Furthermore, IBIT’s unmatched energy and growth pacemadeit the fastest ETF in history to hit $50 billion in assets under management. Compared to the previous record holder’s 1,329 days, it took IBIT only 228 days to smash the milestone.
Meanwhile, IBIT’s largest daily inflow is $1.120 billion, much higher than the fund’s largest daily outflow.