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BlackRock’s Bitcoin ETF has faced its second-ever day of outflows as the price of Bitcoin dipped below $59,000.
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BlackRock’s Bitcoin exchange-traded fund (ETF) has recorded its second-ever outflow day since it launched in January.
The iShares Bitcoin Trust ETF (IBIT) recorded a $13.5 million net outflow on Aug. 29, its second since it saw a $36.9 million net outflow on May 1 — which was also the worst joint outflow day on record for the Bitcoin (BTC) ETFs at $563.7 million, per Farside Investors data.
In total, the 11 United States-based Bitcoin (BTC) ETFs saw joint net outflows totaling $71.8 million on Aug. 29.
BlackRock’s fund was third behind the Fidelity Wise Origin Bitcoin Fund (FBTC) with its $31.1 million net outflows, the largest recorded for the day. The Grayscale Bitcoin Trust (GBTC) took the second spot with outflows of $22.7 million.
BlackRock’s Bitcoin ETF has recorded only its second day of outflows ever. Source: Farside Investors
IBIT’s outflow day comes as it recorded a $224.1 million net inflow on Aug. 26 — its largest since July 22, when it had $526.7 million in inflows.
Related: Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days
Cathie Wood’s ARK 21Shares Bitcoin ETF was the only one that saw net inflows on Aug. 29 with $5.3 million flowing into the fund.
The latest Bitcoin ETF outflows come amid a broader downturn in Bitcoin’s price, which has shed roughly 3.43% in the last seven days to trade at $58,751, according to CoinMarketCap.
Meanwhile, US-based spot Ether (ETH) ETFs have also seen minor joint outflows of $1.7 million on Aug. 29 with many funds seeing zero flows.
Seven out of the nine Ether ETFs saw zero flows on Aug. 29. Source: Farside Investors
The Grayscale Ethereum Mini Trust (ETH) was the only ETF to register a net inflow of $3.6 million — not enough to stave off the $5.3 million in net outflows from its higher-fee sister trust, the Grayscale Ethereum Trust (ETHE).
Grayscale’s Ethereum Trust has seen net outflows nearly every day since its July launch, racking up $2.56 billion in total outflows.
The price of ETH has also been experiencing a downturn, dropping 5.64% in the last seven days to $2,517.06, per CoinMarketCap.
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This article first appeared at Cointelegraph.com News
