Bitcoin ETF

Grayscale Bitcoin Trust

BlackRock

A major asset management company, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first-ever outflow day, with $36.9 million flowing out, marking a record for US Bitcoin exchange-traded funds (ETFs) on May 1. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="580" height="157" src="https://www.cryptotimes.io/wp-content/uploads/2024/05/Screenshot-2024-05-02-122932.png" alt="BlackRock Bitcoin ETF Records First Ever Outflow of $37M" class="wp-image-154112" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/05/Screenshot-2024-05-02-122932.png 580w, https://www.cryptotimes.io/wp-content/uploads/2024/05/Screenshot-2024-05-02-122932-150x41.png 150w" sizes="(max-width: 580px) 100vw, 580px">
 <figcaption class="wp-element-caption">
 Bitcoin ETF Flow Table &nbsp;| Source :&nbsp;Farside Investors
 </figcaption>
 </figure>
</div> 
Among the nine other Bitcoin ETFs, there were combined outflows of $526.8 million, with only the Hashdex Bitcoin ETF (DEFI) showing zero flows, according to preliminary <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noreferrer noopener" data-wpel-link="external">Farside Investors</a> data.&nbsp; 
The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest outflow at $191.1 million, followed by Grayscale Bitcoin Trust (GBTC) with $167.4 million. These outflows coincide with a 10.7% decrease in the price of Bitcoin over the past week. 
Nate Geraci, president of the ETF Store, noted that while gold ETFs like iShares Gold ETF and SPDR Gold ETFs experienced outflows of $1 billion and $3 billion this year, gold’s value has risen by 16% year-to-date. 
Bitcoin ETFs’ significant outflows amid price volatility are a manifestation of an investor’s tendency to be more cautious, which is contrary to gold’s strengthening value despite outflows. 
Bitcoin faced its toughest month since the downfall of Sam Bankman-Fried’s FTX empire, with excitement around US spot Bitcoin ETFs fading. Its value dropped by nearly 16% in April, slightly better than the decline seen in November 2022. 
However, as optimism for <a href="https://www.cryptotimes.io/2024/05/02/fed-holds-rates-steady-amid-inflation-market-stalls/" data-wpel-link="internal">Federal Reserve interest-rate</a> cuts waned and risky investments lost appeal, inflows to these products decreased significantly. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/03/28/blackrock-tokenized-fund-buidl-receives-160m-in-debut-week/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">BlackRock Tokenized Fund BUIDL Receives $160M in Debut Week</a> 
</blockquote>

BlackRock Bitcoin ETF Records First $37M Outflow on May 1

The Crypto Times

Other articles published on May 2, 2024

BNP Paribas Buys Bitcoin ETF Shares

Can Polygon (MATIC) and Polkadot (DOT) Lead The Upcoming Bull Run? Lead Analysts Predict High Cha...

DOGE Price to See a Massive 2600% Jump in the Next Bull Cycle, Top Crypto Analyst Predicts

PayPal and MoonPay Collaboration Expands Crypto Options for US Users

Bitcoin price correction ‘very common’ if $56K lows hold — Peter Brandt

Super Nintendo World Expansion Features new Donkey Kong and Yoshi attractions

Join our free newsletter for daily crypto updates!