Bitcoin exchange-traded funds (ETFs) based in the United States have experienced a significant amount of net outflows, with BlackRock’s iShares Bitcoin Trust also witnessing its first-ever outflow day.
According to Farside Investors, BlackRock’s Bitcoin fund saw $36.9 million flow out on May 1. Preliminary data from Farside shows that nine other Bitcoin ETFs had a combined $526.8 million in outflows, with the Hashdex Bitcoin ETF being the only one with no flows. The Fidelity Wise Origin Bitcoin Fund had the largest outflow for the day, with $191.1 million in net outflows, followed by the Grayscale Bitcoin Trust with outflows of $167.4 million.
This marks the largest single outflow day for U.S.-based spot Bitcoin ETFs since their launch in January. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also experienced outflows of $98.1 million and $13.4 million, respectively.
These outflows come as Bitcoin has declined by 10.7% over the past week. However, Nate Geraci, the president of ETF Store, highlighted that the iShares Gold ETF and SPDR Gold ETFs have seen outflows of $1 billion and $3 billion, respectively, so far this year. Despite this, gold has seen a 16% increase year-to-date.
Bloomberg ETF analyst James Seyffart noted that the Bitcoin ETFs are still operating smoothly, with inflows and outflows being a normal part of an ETF’s lifecycle.
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