BlackRock’s Bitcoin ETF Records $418M Outflow Amid Market Volatility
BlackRock’s iShares Bitcoin Trust (IBIT) saw a record $418.1 million in outflows on Wednesday as Bitcoin (BTC) slipped to around $82,000.
Key Takeaways:
- ETF Exodus Intensifies: Total outflows from U.S. spot Bitcoin ETFs reached $754.6 million for the day, bringing cumulative outflows to $3.6 billion since February 7, according to Farside data.
- Heavy Trading Activity: IBIT saw $4.19 billion in trading volume, ranking as the sixth-most traded ETF in the U.S., per Coinglass.
- CME Open Interest Drops: Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) declined to 155,270 BTC, its lowest level since November, signaling the unwinding of the popular basis trade strategy.
The surge in outflows reflects shifting investor sentiment, with traders reassessing exposure amid ongoing market turbulence.
