Blackrock’s Exchange Traded Fund IBIT lost a whopping $332 million yesterday draining inflows into the 11 spot Bitcoin ETFs.
The Massive outflows on Blackrock’s IBIT were no match for the inflows recorded in five Bitcoin ETF funds resulting in the ETFs closing the day on a deficit of $242 million.
This is the second time in a trading week the Bitcoin ETFs are recording massive outflows after losing $415 million on Monday.
Farside Investors UK revealed that Bitwise BITB led the outflows for the day pulling in $48.3 million. Fidelity’s FBTC followed closely with an inflow of $36.2 million while Ark ARKB pulled in $16.5 million for the day.
Grayscale’s BTC and Vaneck HODL recorded minimal inflows pulling in $6.9 million and $5.5 million respectively.
The inflows for the day were offset by major outflows in Blackrock’s IBIT and Grayscale’s BTC.
IBIT lost a whopping $332 million while Grayscale recorded an outflow of $23.1 million.
Yesterday’s $242 million deficit was the first major outflow for the year given that New Year’s Day was a No trading day.
Bitcoin Price Analysis
Bitcoin at the moment is exchanging hands for $98,000 surging by 1.7% in the last 24 hours. The Crypto asset is 9.4% down from its all-time high of $108,135.
Bitwise CIO Matt Hougan projects Bitcoin could rise to $500,000 following the proposed Bitcoin Strategic reserve in the United States.
