BlackRock's Bitcoin fund listed in the U.S. has just recorded its largest outflow since May, coinciding with Bitcoin's drop over the weekend and a slight rebound on Monday.
BlackRock's iShares Bitcoin Trust (IBIT) saw an outflow of $292.5 million on Monday, marking the largest outflow in two months. There was a small outflow last Friday, ending a streak of 37 consecutive days of inflows.
This reversal occurred as Bitcoin (BTC) further deviated from its historical high of July 14, dropping 8.5% to a low of $112,300 on Sunday, before rebounding to over $115,000 in Monday evening trading.
However, the latest outflow from BlackRock is just a minor fluctuation compared to the massive net inflow of $5.2 billion in July, which accounted for 9% of the net inflows since the ETF's launch in January 2024.
This marks the third consecutive trading day of overall sell-offs for U.S.-listed spot Bitcoin ETFs.
Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced an outflow of about $40 million, while Grayscale Bitcoin Trust (GBTC) saw an outflow of $10 million. Other U.S. products had zero flows on Monday, except for Bitwise (BITB), which saw an inflow of $18.7 million.
As the asset rebounded from the $112,000 support level, the outflows appeared to slow down, with Monday's ETF outflow being milder than Friday's outflow of $812 million.
However, the overall outlook for institutional digital asset products this year seems healthier.
Bloomberg ETF expert Eric Balchunas reported on Monday that while the private asset boom is cooling, digital assets and hedge funds have captured market share of inflows this year.
"In the alternative asset class, digital assets and hedge funds have been accelerating inflows this year, in stark contrast to the weak fundraising in private equity and private credit," JPMorgan flow expert Nikolaos Panigirtzoglou told Bloomberg.
The report noted that capital flowing into digital assets is the fastest-growing segment of the alternative market, attracting $60 billion as of July 22, continuing last year's record of $85 billion.
Balchunas also stated on Monday that Bitcoin's volatility has significantly decreased since the launch of the spot BTC ETF.
The 90-day rolling volatility of the BlackRock IBIT fund has fallen below 40 for the first time, compared to over 60 when the Bitcoin ETF launched in January 2024, he added.
Since its launch, volatility has decreased significantly, "without any nauseating drawdowns," he said last week, adding that "this has helped it [BTC] attract larger investors and provided an opportunity for its adoption as a currency."
Related: Crypto funds see $223 million outflow as the Fed's hawkish stance dampens market sentiment, ending a 15-week streak of gains.
Original: “BlackRock Bitcoin (BTC) Fund Records Largest Outflow Since May”
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