BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) has experienced its second-ever day of outflows since its launch in January, according to data from Farside Investors. On August 29, the ETF recorded a net outflow of $13.5 million, following a previous outflow of $36.9 million on May 1. This marked the worst joint outflow day on record for Bitcoin ETFs, with a total of $563.7 million in outflows across 11 United States-based spot Bitcoin ETFs.
BlackRock’s IBIT came in third place for outflows on August 29, behind the Fidelity Wise Origin Bitcoin Fund (FBTC) with $31.1 million and the Grayscale Bitcoin Trust (GBTC) with $22.7 million. The ARK 21Shares Bitcoin ETF (ARKB) was the only fund to see net inflows on that day, with $5.3 million flowing into the fund.
The outflows from Bitcoin ETFs come amidst a broader downturn in Bitcoin’s price, which has dropped approximately 3.43% in the last seven days to trade at $58,751 at the time of publication. Similarly, US-based spot Ether (ETH) ETFs also saw minor joint outflows of $1.7 million on August 29, with seven out of nine Ether ETFs seeing zero flows.
The Grayscale Ethereum Mini Trust (ETH) was the only Ether ETF to register a net inflow of $3.6 million, while its higher-fee sister trust, the Grayscale Ethereum Trust (ETHE), experienced net outflows of $5.3 million. ETHE has seen net outflows almost daily since its launch in July, totaling $2.56 billion so far.
The price of ETH has also been on a downward trend, dropping 5.64% in the last seven days to $2,517.06. Overall, the cryptocurrency market has been experiencing volatility, with investors closely monitoring the movements of both Bitcoin and Ether ETFs.