Bitcoin ETF

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Grayscale Bitcoin Trust

BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has recorded its second-ever day of outflows since it launched in January.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/blackrocks-bitcoin-etf" rel="" target="_self" text="null">BlackRock’s ETF</a> recorded a $13.5 million net outflow on Aug. 29, its second since its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-first-outflow-day-etfs-record-outflows" rel="null" target="null" text="null">$36.9 million net outflow</a>&nbsp;on May 1. <a data-ct-non-breakable="null" href="https://farside.co.uk/bitcoin-etf-flow-all-data/" rel="nofollow noopener" target="_blank" text="null">According</a> to Farside Investors data, this was also the worst joint outflow day on record for the Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) ETFs, at $563.7 million.
In total, the 11 United States-based spot Bitcoin ETFs saw joint net outflows totaling $71.8 million on Aug. 29.
BlackRock’s fund came in third place behind the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw $31.1 million in net outflows, the largest recorded for the day. The Grayscale Bitcoin Trust (GBTC) took the second spot with outflows of $22.7 million.
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 <img alt="BlackRock’s Bitcoin ETF registers second-ever outflow of $13.5M" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a1f3-9cb7-7127-ad5e-9a98ec563dda">
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 BlackRock’s spot Bitcoin ETF has recorded only its second day of outflows ever. Source: Farside Investors
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IBIT’s net outflow day comes as it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-monthly-record-inflow-btc-under-64k" rel="null" target="null" text="null">recorded $224.1 million in net inflows</a> on Aug. 26 — its largest since July 22, when it had $526.7 million in inflows.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/spot-bitcoin-etfs-maintain-positive-flows-for-8-out-of-the-last-10-days" rel="null" target="null" text="null">Spot Bitcoin ETFs maintain positive flows for 8 out of the last 10 days</a>
The ARK 21Shares Bitcoin ETF (ARKB) was the only one to see net inflows on Aug. 29, with $5.3 million flowing into the fund.
The latest Bitcoin ETF outflows come amid a broader downturn in Bitcoin’s price, which has shed roughly 3.43% in the last seven days to trade at $58,751 at the time of publication, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="null" target="null" text="null">according</a> to CoinMarketCap.
Meanwhile, US-based <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/spot-ethereum-etf" rel="null" target="null" text="null">spot Ether</a> (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null">ETH</a>) ETFs also saw minor joint outflows of $1.7 million on Aug. 29, with several of the funds seeing zero flows.
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 <img alt="BlackRock’s Bitcoin ETF registers second-ever outflow of $13.5M" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191a1f4-4127-7290-b4f7-5f697edd48ee">
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 Seven out of the nine Ether ETFs saw zero flows on Aug. 29. Source: Farside Investors
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The Grayscale Ethereum Mini Trust (ETH) was the only ETF to register a net inflow&nbsp;of $3.6 million — not enough to stave off the $5.3 million in net outflows from its higher-fee sister trust, the Grayscale Ethereum Trust (ETHE).
ETHE has seen net outflows almost every day since its July launch, racking up $2.56 billion in total outflows so far.
The price of ETH has also been experiencing a downturn, dropping 5.64% in the last seven days to $2,517.06, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/ethereum/" rel="nofollow noopener" target="_blank" text="null">according</a> to CoinMarketCap.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/peter-mccormack-new-podcast-what-bitcoin-did-mccormack-show/" rel="null" target="null" text="null">‘Everything feels like it’s going to shit’: Peter McCormack reveals new podcast</a>

BlackRock’s Bitcoin ETF registers second-ever outflow of $13.5M

Cointelegraph

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