5 Days of Bitcoin ETF Outflows, Brought to You Mostly by BlackRock
US spot Bitcoin ETFs recorded $299.8 million in outflows on Wednesday, marking the fifth consecutive day of withdrawals, with BlackRock's IBIT accounting for nearly all of the decline.
The outflows have been heavily concentrated in BlackRock's iShares Bitcoin Trust (IBIT), which recorded $269.7 million in withdrawals on Wednesday alone. This pattern has been consistent throughout the week, with IBIT accounting for nearly all of the $596 million that left the funds since Monday.
Concentrated Selling
Most Bitcoin ETF funds recorded no flows at all during this period, highlighting how concentrated the selling has been. The pressure on IBIT is not new either, as the fund experienced its largest outflow since June on November 2, when $405.3 million was withdrawn.
These are client redemptions, not BlackRock selling its own BTC. Still, shrinking assets cut directly into the firm's fee income.
Demand Shift
While IBIT has seen massive outflows, Morgan Stanley's Bitcoin Trust (MSBT) has attracted fresh investments for three consecutive days, bringing in approximately $51 million. Meanwhile, Grayscale Bitcoin Trust (GBTC) continues its long slide with ongoing outflows since its conversion.
Despite this week's selling, the Bitcoin ETFs still hold about $55 billion in net inflows since their 2024 launch. Whether IBIT's clients stop redeeming will likely shape ETF demand heading into year-end.
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