BlackRock's Bitcoin ETF saw an outflow of $217 million

2024-04-27 10:07:10

The Spot Bitcoin ETF sector is once again in the red zone, experiencing an outflow of $217 million on April 25.

According to data from SoSo Value, none of the five ETFs, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), have seen inflows in recent days. It should be mentioned that BlackRock’s fund has not recorded capital inflows for the second day in a row.

Image source: SoSo Value

In addition to the Grayscale Bitcoin Trust ETF (GBTC), four other ETFs recorded outflows, including ETFs from Fidelity Investment and ARK Invest/21Shares.

Despite the recent outflow trend, IBIT (BlackRock’s iShares Bitcoin Trust ETF) remains one of the top 10 ETFs with long-term uninterrupted inflows. However, since the beginning of March 2024, the inflow of funds into the fund has decreased.

Image source: SoSo Value

The average volume of inflows into Spot Bitcoin ETF has also slowed significantly in recent weeks. Hunter Horsley, CEO of Bitwise, said that long institutional investors in the market are still secretly preparing to inject large amounts of money into Crypto Assets-based financial instruments.

Hunter Horsley is convinced that the introduction of a new class of digital assets will help make the Crypto Assets market more attractive to investors.

Recently, investor interest in Crypto Assets-based products has waned. Analysts at CoinShares noted that large professional investors withdrew $206 million from encryption products over the past week.

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