$2 Billion Exodus From BlackRock's Bitcoin ETF Across Nine Trading Days
Over nine straight trading days, BlackRock's IBIT experienced outflows exceeding $2 billion, as the entire US spot Bitcoin ETF market saw approximately $1.44 billion in redemptions across a five-day period.
The iShares Bitcoin Trust (IBIT), BlackRock's spot Bitcoin exchange-traded fund (ETF), experienced net outflows surpassing $2 billion across nine straight trading sessions ending on Wednesday.
On Wednesday alone, a net total of $269.7 million was withdrawn from IBIT by investors, representing approximately 90% of that day's $300 million in aggregate net redemptions from all US spot Bitcoin ETFs, based on data from Farside Investors.
The Grayscale Bitcoin Trust ETF (GBTC) saw net outflows totaling $39.1 million, whereas the Morgan Stanley Bitcoin Trust ETF (MSBT) attracted $9 million in net inflows.
Across five consecutive sessions, US spot Bitcoin ETFs experienced aggregate net redemptions approaching $1.44 billion. The outflows seen on Wednesday represented an uptick following three trading sessions during which withdrawals had been moderating.
On Wednesday, cryptocurrency exchange Bitfinex stated that the deceleration in ETF outflows might represent an initial indication toward establishing a market bottom, though this development alone would be insufficient to confirm a recovery trend.
According to Bitfinex's analysis of ETF outflow patterns observed earlier during the current year, Bitcoin historically posted a median gain of 6.4% across 10 trading sessions following the conclusion of outflow streaks that ended with no fewer than three consecutive sessions showing net inflows.
At the time of publication, Bitcoin was trading in the vicinity of $73,000, reflecting a 8.5% decline over the preceding week, as reported by CoinGecko.
In a note distributed to Cointelegraph on Wednesday, the derivatives trading desk at Laser Digital highlighted anemic spot market demand, a Coinbase premium that remains persistently in negative territory, and substantial liquidations of leveraged long positions.
According to the desk's observations, Bitcoin experienced minimal price appreciation during Monday's rebound in the Nasdaq, despite the index posting gains of almost 3%.