BlackRock's IBIT ETF hit $2 billion in outflows over nine sessions as US spot Bitcoin ETFs saw $300 million in net withdrawals Wednesday, contributing to an 8.5% weekly decline in Bitcoin price.
IBIT recorded more than $2 billion in net outflows over nine consecutive sessions through Wednesday, including $269.7 million on Wednesday alone, about 90% of the day's sector-wide withdrawals. Sustained redemptions of this scale signal heavy investor selling pressure and can weigh on the fund's flows and price.
Nine straight sessions of outflows from the largest Bitcoin ETF plus $1.44 billion pulled over five sessions show sustained selling pressure. Bitcoin trades near $73,000, down 8.5% over the past week, with weak spot demand, a negative Coinbase premium and liquidations of leveraged longs. Slow easing of outflows is not confirmed as a floor by the sources cited.
GBTC saw $39.1 million in net withdrawals on Wednesday, adding to the sector-wide five-session outflow streak of $1.44 billion. The outflow is much smaller than IBIT's $269.7 million on the same day, so the pressure on this fund is comparatively modest.
US spot Bitcoin ETFs recorded $300 million in net withdrawals on Wednesday, pushing five-day outflows to $1.44 billion. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $269.7 million of Wednesday's total, marking nine consecutive sessions of outflows exceeding $2 billion. Bitcoin prices have slipped 8.5% over the past week to trade near $73,000 amid weak spot demand and leveraged long liquidations.
More than $2 billion in net outflows over nine consecutive trading sessions through Wednesday, with a single-day net withdrawal of $269.7 million on Wednesday.
When ETF investors pull money out, the funds sell Bitcoin to meet redemptions, adding selling pressure. Nearly $1.44 billion left US spot Bitcoin ETFs in five sessions, which has coincided with Bitcoin falling 8.5% over the past week to near $73,000.
The article notes three sessions of easing outflows before Wednesday, and Bitfinex said slowing outflows could be an early step toward a market floor, but it cautioned that slower outflows alone are not enough to establish a recovery.
Yes, GBTC recorded $39.1 million in net withdrawals on Wednesday, far smaller than IBIT's $269.7 million outflow the same day.