As Bitcoin prices fell to a yearly low, investors in BlackRock's Bitcoin Trust withdrew a record $420 million from the fund in a single day.
On February 26, BlackRock's Bitcoin BTC spot exchange-traded fund (ETF) (IBIT) saw a reduction of 5,000 Bitcoins, marking its largest outflow to date, surpassing the $332 million outflow on January 2.
Following a record outflow of funds from these products on February 24, this large-scale outflow occurred. On February 24 alone, over $1.1 billion flowed out of related products. This also marked the peak of seven consecutive trading days of outflows, during which nearly $3 billion exited these products.
According to preliminary data from CoinGlass, BlackRock's outflows contributed to a total outflow of $756 million that day. However, Nate Geraci, president of ETF Store, stated that he believes this is merely a "short-term anomaly."
Fidelity's Wise Origin Bitcoin Fund (FBTC) also experienced seven consecutive days of outflows, with an additional $145.7 million leaving the product on February 26.
Related products from companies such as Bitwise, Ark 21Shares, Invesco, Franklin, WisdomTree, and Grayscale saw outflows ranging from $10 million to $60 million.
Bitcoin ETF fund flows. Source: CoinGlass
The cryptocurrency market continued to decline, with the total market capitalization dropping an additional 5.6% that day to $2.9 trillion, and Bitcoin fell to a low of $82,455 on February 26.
Currently, the market has corrected by 25%, with $1 trillion exiting the market since reaching an all-time high on December 17.
However, Ki Young Ju, founder and CEO of cryptocurrency analytics platform CryptoQuant, stated that "panic selling" is a mistake "only beginners make." He noted that a 30% correction is common during Bitcoin bull cycles, saying, "In 2021, Bitcoin dropped 53%, but ultimately rebounded to an all-time high."
He mentioned on the X platform: "Chasing highs and cutting losses is the worst investment strategy."
Related: U.S. spot Bitcoin ETF daily outflows hit a record high of $938 million
Analysts and industry experts, including BitMEX co-founder Arthur Hayes and 10x Research head of research Markus Thielen, indicated that most Bitcoin ETF investors are hedge funds seeking arbitrage profits rather than long-term Bitcoin investors, and as these profit opportunities dwindle, they are now closing their positions.
Hayes predicted on February 24 that as spot ETF funds continue to flow out, Bitcoin prices would drop to $70,000. Traders are also targeting the $74,000 price range due to threats from U.S. President Donald Trump to impose more trade tariffs.
Related: Nasdaq applies to list Grayscale Polkadot ETF
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