BlackRock’s IBIT Hits Largest Outflow Ever – U.Today

BlackRock’s iShares Bitcoin Trust (IBIT) has logged its largest single-day outflow since its inception. 

The popular product has shed an eye-popping $527.84 million on May 27. 

This historic bleed comes amidst a sell-off that has dragged the total U.S. Bitcoin spot ETF market deep into the red.

The historic IBIT outflows 

According to market data, the IBIT fund lost 7,048 Bitcoin in a single trading session. 

This massive exit officially pushed BlackRock’s total Bitcoin holdings back below the 800,000 mark, settling at 794,429 BTC.

Notably, IBIT recorded an impressive $1.49 billion in trading volume for the day. It is one of the most traded products. 

A market-wide exodus 

The bleeding wasn’t isolated to BlackRock. 

The entire U.S. spot Bitcoin ETF market experienced a brutal session on May 27, logging a cumulative net outflow of $733.43 million across all funds.

 This marks the eighth consecutive day of net negative flows for the ETF sector.

Other major funds saw significant losses include Grayscale (-$104.76 million), Fidelity (-$60.30 million), Bitwise (BITB): -$17.48 million (233 BT), and Ark & 21Shares (ARKB): -$17.39 million (232 BTC). 

Interestingly, Morgan Stanley’s MSBT ETF was the lone bright spot. It managed to record a modest inflow of $4.29 million (57 BTC) amidst the broader market rout. 

Crypto prices take a toll 

The intense institutional selling pressure has taken a toll on cryptocurrency spot prices. 

The total digital asset market capitalization declined by roughly 2.0% over the past 24 hours, settling at $2.56 trillion.

Bitcoin (BTC) dropped below the $74,000 mark. It has fallen nearly 3.5% to trade at approximately $73,278. Ethereum (ETH) faced an even steeper decline, dropping 5% to trade below $2,000.

Even after the recent bleeding, total net assets across all funds still stand at a staggering $96.45 billion, controlling roughly 6.40% of the entire global Bitcoin supply.