Crypto Blog
The iShares Bitcoin Trust , issued by BlackRock, the world’s largest asset management firm, just recorded its first day of outflow in almost four months.that IBIT investors withdrew $13.5 million from the fund on Thursday, August 29. The last time the BlackRock spot Bitcoin exchange-traded fund recorded a negative flow was on May 1, and the outflow amounted to $36.9 million. Since then, the fund has either witnessed inflows or zero flows.
By the end of May, BTC was worth around $68,000; however, according to CoinMarketCap data at the time of writing, the leading cryptocurrency was changing hands at $59,200, down slightly in the past 24 hours.The outflow from IBIT and plunge in bitcoin’s value comes as the United States spot Bitcoin ETF market witnesses a three-day outflow streak. The investment products recorded $127.1 million in outflows on August 27, $105.
Grayscale’s GBTC continued its outflow streak, with investors withdrawing $22.7 million. The fund has seen negative flows totaling $49 million in the past three days.
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