Bitcoin ETF

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Grayscale Bitcoin Trust

Reported by Cointelegrapg: BlackRock’s Bitcoin ETF has faced its second-ever day of outflows as the price of Bitcoin dipped below $59,000.
BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has recorded its second-ever day of outflows since it launched in January.
BlackRock’s ETF recorded a $13.5 million net outflow on Aug. 29, its second since its $36.9 million net outflow on May 1. &nbsp; According to Farside Investors data, this was also the worst joint outflow day on record for the Bitcoin 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. &nbsp; The Grayscale Bitcoin Trust (GBTC) took the second spot with outflows of $22.7 million.
IBIT’s net outflow day comes as it recorded $224.1 million in net inflows on Aug. 26 — its largest since July 22, when it had $526.7 million in inflows.
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, according to CoinMarketCap.
Meanwhile, US-based spot Ether ETFs also saw minor joint outflows of $1.7 million on Aug. 29, with several of the funds seeing zero flows.
The Grayscale Ethereum Mini Trust (ETH) was the only ETF to register a net inflow 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, according to TokenInsight.

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

TokenInsight

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