BlackRock's Bitcoin (BTC) ETF (IBIT) Sees Record Number of Outflows

New data reveals that asset management titan BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) saw a record number of outflows earlier this week.

Bitcoin (BTC)-related exchange-traded funds (ETFs) saw a net outflow from the market on Monday, led by asset management giant BlackRock’s IShares Bitcoin Trust ETF (IBIT).

According to data from blockchain tracker SoSoValue, IBIT saw a staggering $332.6 million outflows, marking the largest day of outflows from the ETF on record.

Other spot market BTC ETFs were mostly seeing inflows, with Fidelity’s FBTC, ARK Invest’s ARKB, and Bitwise’s BITB seeing $36.2 million, $16.5 million, and $48.3 million, respectively. Grayscale’s GBTC also saw outflows of $23 million.

Combined outflows from IBIT and GBTC resulted in the first trading day of the year seeing outflows for ETFs associated with the top crypto asset by market capitalization, bringing the total daily net inflows down to -$242.3 million.

IBIT launched in January 2024 after Bitcoin-based ETFs were finally approved by the United States Securities and Exchange Commission (SEC) following a judge ordering the regulatory agency to reconsider its stance on the matter.

In November, it was reported that IBIT had surpassed BlackRock’s gold ETF (IAU) in terms of net assets, reaching over $33 billion.

As noted by Nate Geraci, co-founder of the ETF Institute, at the time:

“iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF in assets… Did this in 10 months. IAU launched in January 2005. Absolutely wild.”

IBIT is trading for $56.04 at press time.