BlackRock's spot Bitcoin exchange-traded fund IBIT witnessed record net outflows of $418.1 million on Wednesday as the crypto price plunge extended into a third day.
BlackRock's previous record daily outflows of $332.6 million came on Jan. 2 ahead of bitcoin's rise to Inauguration Day all-time highs of over $109,000. However, it has only registered a total of 21 net outflow days since its launch in January 2024.
Despite losing $741.1 million so far this week, IBIT remains the largest of the U.S. spot Bitcoin ETFs with over $40.2 billion in cumulative net inflows and $51.6 billion in assets under management, per The Block's iShares Bitcoin Trust Tracker page.
BlackRock's IBIT also dominates in terms of volume, accounting for a 72% market share, or $4.1 billion of Wednesday's $5.7 billion in trading, with activity remaining escalated amid the price volatility.
Meanwhile, the U.S. spot Ethereum ETFs saw $94.3 million worth of net outflows on Wednesday, again led by $69.8 million exiting BlackRock's ETHA product, with their five-day outflow streak now totaling $244.4 million.
A total of $754.6 million left the combined U.S. spot Bitcoin ETFs on Feb. 26 — the second-highest daily outflows recorded since their debut — adding to a seven-day negative streak that now totals nearly $3 billion, according to data compiled by The Block.
Fidelity's FBTC saw the second-highest net outflows of $145.7 million on Wednesday, followed by ARK Invest's ARKB with $60.5 million and Grayscale's Mini BTC fund with $56 million.
That run of net daily outflows includes a record $1.1 billion on Tuesday and $539 million the day before as the market continues to digest a 15% drop for bitcoin this week that sees the foremost cryptocurrency currently trading around 21% below its all-time high at $86,211, according to The Block's Bitcoin Price page.
Meanwhile, the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, is down around 12% this week to 150.16.
Growing uncertainty amid President Trump’s tariff plans has fueled the "unprecedented" ETF outflow streak, BRN analyst Valentin Fournier told The Block, with the ongoing lack of institutional support weighing on sentiment and deepening the current price dip.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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