Add as a preferred source on GoogleBlackRock’s Bitcoin ETF Records a $405 Million Daily Outflow
Client-driven selling was estimated at $403 million to $405 million on Nov. 2, extending IBIT’s five-session outflow streak above $1 billion.
Investors withdrew $405.3 million from BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin (BTC) exchange-traded fund (ETF), on Nov. 2, its largest daily outflow since June 26 and an extension of a five-session redemption streak.
IBIT’s daily net outflow was $405.3 million. Estimates of client-driven selling ranged from $403 million to $405 million. U.S. spot Bitcoin ETFs together posted about $398.6 million in net outflows that day.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) was the only U.S. spot Bitcoin ETF to attract money, taking in $6.7 million and partly offsetting IBIT’s withdrawals. IBIT’s total outflows across the five sessions exceeded $1 billion.
Redemptions require the fund to release Bitcoin to settle positions. Most of the released Bitcoin went through Coinbase Prime and was sold. IBIT remains the largest U.S. spot Bitcoin ETF by assets under management and historical net inflows, even as the five-session streak unfolded alongside a technology-stock selloff led by the Nasdaq.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.