Crypto News– United States-based spot Bitcoin exchange-traded funds (ETFs) have recorded unprecedented net outflows, with BlackRock’s iShares Bitcoin Trust also witnessing its first-ever day of outflows.
The BlackRock Bitcoin ETF experiences its initial outflow day amidst a historic ETF drainage
BlackRock’s Bitcoin fund, with the ticker symbol BTC, saw a withdrawal of $36.9 million on May 1, as reported by Farside Investors.
Among nine other Bitcoin ETFs, there was a combined outflow of $526.8 million, with the Hashdex Bitcoin ETF being the sole exception, reporting zero flows based on preliminary Farside data.
The largest outflow for the day was from the Fidelity Wise Origin Bitcoin Fund, experiencing net outflows of $191.1 million.
Following closely, the Grayscale Bitcoin Trust recorded outflows of $167.4 million, securing the second position in terms of withdrawals.
This marks the largest single outflow day for the U.S.-based spot Bitcoin ETFs since their launch in January. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also experienced outflows, tallying $98.1 million and $13.4 million, respectively.
These developments coincide with Bitcoin’s recent decline of 10.7% over the past week.
However, Nate Geraci, president of ETF Store, pointed out a notable trend: despite the significant outflows from the iShares Gold ETF and SPDR Gold ETFs, amounting to $1 billion and $3 billion respectively this year, gold has still seen a remarkable 16% increase year-to-date, as highlighted in a May 2 post by Geraci.
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