BlackRock’s Bitcoin ETF no outflows streak snapped just shy of $70bn

2d ago•

bullish:

bearish:

It was a flawless 30-day run of daily inflows and no red for BlackRock’s iShares Bitcoin exchange-traded fund. But it couldn’t last forever.

On Friday, the fund saw more than $430 million in outflows, ending a streak that pushed its assets under management briefly over $72 billion, all in just over a year since launch.

“What a run,” Nate Geraci, president of The ETF Store, wrote on X. “Not sure I have words to describe how ridiculous this is.”

The outflow caps a strong month for Bitcoin, which tapped a new all-time high of $112,000 despite falling back to the $103,000 level hours ago.

As a result, IBIT has dipped back below $70 billion in assets.

Even so, it remains the 24th largest ETF in the US, a feat unmatched by any fund this young.

“Absolutely bonkers for a one-year-old,” tweeted Bloomberg Intelligence analyst Eric Balchunas, noting that the next youngest ETF in the top 25 is more than a decade old.

Net cumulative Bitcoin ETF flows sit closer to $45 billion, once the $23 billion in outflows from Grayscale’s Bitcoin Trust are taken into account.

The fund has consistently lost assets since converting to an ETF, as investors rotate out due to its higher fees and long-running underperformance.

With a more crypto-friendly Securities and Exchange Commission, issuers are turning to altcoin projects from Solana to Dogecoin, hoping to capture a slice of the flows that spot Bitcoin and Ethereum ETFs have unlocked.

The agency’s changing stance on staking, now viewed as a non-security activity in many cases, is also opening the door to US-listed staking ETFs, a product European markets have offered for years.