BlackRock’s Bitcoin ETF ends 31-day inflow streak with biggest outflow ever
BlackRock's spot Bitcoin ETF (IBIT) experienced its largest outflow day on May 30, 2024, with $430.8 million withdrawn, ending a 31-day inflow streak. Prior to this, the highest outflow was $418.1 million on February 26. The total net outflows for all 11 US spot Bitcoin ETFs reached $616.1 million on May 30, following a $346.8 million outflow the previous day. Despite these outflows, BlackRock has accumulated approximately $70 billion in Bitcoin holdings since the ETF's launch. Analysts noted that the sell-off is not indicative of retail panic but rather a transfer of supply to stronger investors. Bitcoin's spot price was $103,700, down 2.27% in 24 hours, with significant ETF inflows not reflected in the price movement. Over $6.2 billion flowed into BlackRock's iShares Bitcoin Trust in May, and spot Bitcoin ETFs recorded $2.75 billion in inflows for the week ending May 23.
