United

Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

BlackRock

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 <p class="paragraph">As Bitcoin (BTC) continues to trade in the red, United States spot exchange-traded funds (ETFs) linked to the crypto have posted record net <a rel="noopener noreferrer nofollow" title="outflow" href="https://thebittimes.com/tag/outflow.html">outflow</a>s.</p>
 <p class="paragraph">Significantly, BlackRock’s (NYSE: BLK) iShares Bitcoin Trust recorded its first-ever single-day outflow on May 1, as Bitcoin lost support around the $60,000 mark, dropping to as low as $56,000.</p>
 <p class="paragraph">US Bitcoin ETFs saw a total of $563.7 million exiting the market, according to data from <em>Farside </em>shared on May 2. Notably, BlackRock, the largest investment firm globally, saw its streak of positive inflows cut short and recorded its first day of <a rel="noopener noreferrer nofollow" title="outflow" href="https://thebittimes.com/tag/outflow.html">outflow</a>s totaling $36.9 million.</p>
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 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/j9GCmYR7LpavJK_FUUORoR2jbZuDAL6AXXQuSndZYFtWKVmUFJ4O1lYB3_mHtnjYvXHsQSO8MTwxUG57T2fEOkGZaXNxavQVwSgs2T1v3EE19XgjPdYXbAp6Srm2AOOcL1rbw5so3sm9z-n_s4NEWhg" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin ETF flow chart. Source: Farside</em>
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 <p class="paragraph">Elsewhere, Grayscale Bitcoin Trust saw the largest <a rel="noopener noreferrer nofollow" title="outflow" href="https://thebittimes.com/tag/outflow.html">outflow</a> at $167.4 million, while Fidelity and Ark ETFs experienced withdrawals of $191.1 million and $98.1 million, respectively.</p>
 <h2 class="wp-block-heading" id="h-institutional-interest-in-bitcoin-etf">Institutional interest in Bitcoin ETF</h2>
 <p class="paragraph">Despite the BlackRock ETF recording losses, the interest of institutional investors in the product remains strong. A notable example is BNP Paribas, the second-largest bank in Europe, which recently invested in the BlackRock Bitcoin ETF.</p>
 <p class="paragraph">At the same time, as reported by Finbold, BNY Mellon, the largest custodian bank globally, also invested in ETFs from BlackRock and Grayscale.</p>
 <p class="paragraph">While ETF outflows are contributing to Bitcoin prices’ decline, some market participants maintain a positive outlook. For instance, Bloomberg ETF analyst James Seyffart reassured that Bitcoin ETFs are still functioning well.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Should add — these ETFs are operating smoothly across the board. Inflows and <a rel="noopener noreferrer nofollow" title="outflow" href="https://thebittimes.com/tag/outflow.html">outflow</a>s are part of the norm in the life of an ETF,” he said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-bitcoin-price-remains-under-pressure">Bitcoin price remains under pressure</h2>
 <p class="paragraph">As the ETFs continue to record outflows, the market remains uncertain, with attention focused on the Federal Reserve monetary policy. Indeed, as things stand, the momentum from ETFs that saw Bitcoin rally to a new record above $73,000 has faded while investors await the gains from the halving event to play out.</p>
 <p class="paragraph">In the meantime, there is speculation that Bitcoin could drop to almost the $50,000 mark. By press time, Bitcoin was trading at $58,191, having gained almost 1% in the last 24 hours. On the weekly timeframe, BTC is down about 9%.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/blackrock-bitcoin-etf-has-its-first-day-of-outflows-tbt87236.html">https://thebittimes.com/blackrock-bitcoin-etf-has-its-first-day-of-outflows-tbt87236.html</a></p>

BlackRock Bitcoin ETF has its first day of outflows

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