BlackRock’s iShares Bitcoin Trust, which trades as IBIT, just had a huge day of withdrawals, with over $355 million leaving the fund on Thursday. This is part of a rough week where the fund has seen nearly $964 million pulled out, including a record-breaking $523 million that exited on Tuesday.
Overall US spot Bitcoin ETFs had a really bad day, with around $903 million in net outflows completely reversing whatever gains they had the day before. Besides IBIT, the other big losers were Grayscale’s GBTC and Fidelity’s FBTC, which made up most of the withdrawals.
Bitcoin itself had a wild ride, climbing above $92,000 during the day but then tanking hard once US markets opened. It dropped below $88,000 pretty quickly and kept sliding all the way down to around $83,400.
These massive outflows from institutional investors are definitely adding to the volatility and putting serious downward pressure on Bitcoin prices. When big funds like BlackRock’s IBIT start seeing withdrawals this large, it usually signals that investors are getting nervous about where the market is headed. The fact that this is happening across multiple ETFs, not just one, shows there’s widespread concern among institutional players right now about Bitcoin’s near-term prospects.
Conclusion
BlackRock’s IBIT saw $355M in withdrawals Thursday, part of nearly $1B in weekly outflows as US Bitcoin ETFs shed $903M. Heavy institutional exits worsened volatility, driving Bitcoin down to about $83,400.
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