Bitcoin ETF outflows $120 million, BlackRock’s IBIT ends 71-day streak of inflows

The U.S. spot Bitcoin ETF saw net outflows of more than $130 million yesterday, as inflows into BlackRock’s iShares Bitcoin Trust (IBIT) declined for a 71st consecutive day.

According to data from Farside Investors, most Bitcoin ETFs saw zero daily inflows, with only Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) seeing inflows of $5.6 million and $4.2 million, respectively. .

Grayscale’s GBTC accounted for most of the net outflows among ETFs, which continued its consistent daily outflows with $130.4 million leaving the fund yesterday. Asset managers are preparing a new “mini Bitcoin ETF” to undercut rivals with lower fees to stem the wave of redemptions.

IBIT’s net inflows may have stalled, but BlackRock’s fund achieved a milestone. After 71 days, it entered the top 10 ETFs with the longest daily inflows, surpassing the US Global Jets ETF. bloomberg ETF Analyst Eric Balchunas.

with price of bitcoin Overnight, the fund’s assets under management reached $17.6 billion, according to the company’s official website.

Earlier this week, British bank Standard Chartered published a report pointing to a slowdown in ETF inflows due to a combination of factors.

“The initial wave of ETF purchases may be close to completion,” said Geoff Kendrick, lead author of the report, citing macro factors including “a more challenging backdrop for risk assets due to rising Treasury yields and geopolitical developments in the Middle East.” claimed. The next wave of inflows will depend on whether the “broad-based macro fund” includes a spot Bitcoin ETF.

Nonetheless, the bank stuck to its original prediction that Bitcoin would reach $150,000 by the end of the year.

Just today, according to a report from AdvisorHub, Morgan Stanley is exploring ways for its 15,000 brokers to offer Bitcoin ETFs to their clients, potentially bringing more money into their funds.