Bitcoin ETFs Witness $435M Outflows as BTC Drops Below $93K
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BlackRock’s IBIT Defies the Trend
Among the eleven Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) stood out, attracting $268 million in net inflows. Grayscale’s Bitcoin Mini Trust (BTC) also recorded modest inflows of $400,000. However, other prominent funds experienced substantial redemptions.
Bitwise’s Bitcoin ETF (BITB) saw its largest-ever outflow of $280 million, while Grayscale’s flagship Bitcoin Trust (GBTC) recorded $158 million in redemptions, its most significant single-day loss in three months. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and ARK Invest’s Bitcoin ETF (ARKB) also faced notable outflows of $135 million and $111 million, respectively.
Broader Market Sentiment Turns Bearish
The outflows follow a strong week where Bitcoin ETFs garnered $3.3 billion in inflows, with BlackRock’s IBIT capturing over 60% of that amount. However, Bitcoin’s recent push toward $100,000 was thwarted, with the cryptocurrency now trading around $94,300—a 3.5% decline in the past 24 hours, according to CoinGecko.
Long-term holders added to the selling pressure, offloading over 461,000 BTC since Bitcoin’s recent peak above $99,000. Despite the bearish turn, some analysts anticipate a potential rebound if prices stabilize and investor demand reaccelerates.
MicroStrategy Makes a Bold Move
Adding to market dynamics, MicroStrategy announced its largest Bitcoin purchase to date—55,500 BTC worth $5.4 billion—signaling continued institutional interest.
As macroeconomic factors, including inflation data and Federal Reserve policy, remain in focus, the near-term trajectory of Bitcoin and related ETFs will be closely watched by investors.