BlackRock Bitcoin ETF outflows hit $2 billion
BlackRock saw more than $2 billion leave its Bitcoin fund over nine days.
The short version
- Investors pulled $269.7 million from the fund on Wednesday alone.
- Bitcoin traded near $73,000, down 8.5% for the week.
BlackRock saw more than $2 billion leave its Bitcoin fund over nine straight days through Wednesday as US spot Bitcoin funds faced heavy withdrawals. Investors pulled a net $269.7 million from the iShares Bitcoin Trust on Wednesday, according to data from Farside Investors.
That single day of withdrawals accounted for about 90% of the $300 million that left all US spot Bitcoin funds combined. Grayscale saw $39.1 million leave its Bitcoin fund, while the Morgan Stanley Bitcoin Trust drew $9 million in inflows. Crypto exchange Bitfinex said slowing withdrawals could point toward a market floor, though more is needed for a full recovery.
Bitcoin traded near $73,000, down 8.5% over the past week, according to CoinGecko data. Laser Digital pointed to weak spot demand, a negative Coinbase premium, and large liquidations of leveraged long positions as factors behind the drop. The desk noted that Bitcoin barely moved during Monday's Nasdaq rebound, which gained almost 3%.
About BlackRock
American multinational investment management corporation
- Share price
- $1222.91+0.52% last trading day
- Revenue
- $17.9 billiona year, 2023
- Employees
- 19,8002023
- Founded
- 1988by Rob Kapito
- Based in
- New York City
- Chief executive
- Larry Fink
- Owned by
- ShareholdersNYSE: BLK
From Wikipedia and Yahoo Finance. Figures can be a year or two old.
Figures as reported by Cointelegraph.
