BlackRock's Bitcoin ETF Posts Record $523 Million Outflow Amid Bitcoin Price Decline
The BlackRock Bitcoin ETF (IBIT) experienced a record single-day outflow of $523 million on Tuesday, extending a five-day withdrawal streak that totals about $1.4 billion, marking the largest consecutive decline in IBIT's 22-month history. Despite these outflows, IBIT's assets under management (AUM) now exceed $73 billion, making it the largest among spot Bitcoin ETFs, with more than three times the AUM of its closest rival.
Bitcoin's price declined to around $89,000—a seven-month low—dropping more than 4% in 24 hours. Correspondingly, IBIT shares fell about 3.6% on Wednesday and have decreased more than 16% over the past month. Over the last month, Bitcoin ETFs collectively saw roughly $3.3 billion in outflows, representing about 3.5% of total AUM across 11 spot Bitcoin funds.
Other Bitcoin ETFs also faced losses; the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Grayscale Bitcoin Trust (GBTC) recorded outflows exceeding $266 million and $146 million respectively over the past five trading days, though not on Tuesday.
In contrast to the outflows, Harvard University increased its stake in IBIT to 6.8 million shares, valued at approximately $442 million, up from 1.9 million shares. Earlier in June, IBIT saw a rapid inflow of $70 billion, the fastest pace in ETF history.
Aside from Bitcoin funds, Solana-focused ETFs attracted inflows. The BSOL fund has about $611 million in AUM, while TSOL, listed in the U.S. as the fifth Solana-tracking fund, also saw investor interest. Collectively, the 11 spot Bitcoin funds hold over $130 billion in assets.
