BlackRock’s Bitcoin ETF Breaks 31-Day Inflow Streak with Record Outflow
The largest asset management firm in the world, BlackRock, has concluded its 31-day inflow streak for its spot Bitcoin exchange-traded fund (ETF), facing its highest recorded outflow day since the product’s launch in January 2024.
On May 30, BlackRock’s iShares Bitcoin Trust (IBIT) marked the end of this notable inflow streak with a significant daily outflow of $430.8 million, as reported by Farside data. Previously, IBIT’s largest outflow was recorded on February 26, amounting to $418.1 million.
Major Outflow Day for BlackRock Bitcoin ETF
ETF analyst Nate Geraci noted in a post on X on May 31, “What a run over the past 30+ days, though.” He emphasized that BlackRock is now managing approximately $70 billion in Bitcoin (BTC) holdings since the launch of the ETF. “Not sure I have words to describe how ridiculous this is,” Geraci remarked.
In total, the 11 US spot Bitcoin ETFs experienced net outflows for the second consecutive day on May 30, amounting to $616.1 million.
Since their launch in January 2024, spot Bitcoin ETFs have amassed $44.35 billion in net inflows. Source: Farside
The day prior, on May 29, the group ended its 10-day net inflow streak with outflows totaling $346.8 million; however, BlackRock itself still reported an inflow, attracting attention from industry insiders.
Master Ventures founder Kyle Chasse commented, “Every other issuer saw red. BlackRock kept buying…big brain energy right there.”
Bitcoin ETF Outflows Not a Result of “Retail Panic”
Chasse further stated, “The sell-off isn’t retail panic. It’s literally the quiet transfer of supply to the strongest hands.”
Bitcoin has experienced a 9.14% increase over the past month. Source: CoinMarketCap
Currently, Bitcoin’s spot price is $103,700, reflecting a decline of 2.27% over the last 24 hours, according to CoinMarketCap data.
Related: Blackstone invests $1M in Bitcoin ETF as its first crypto venture
On May 30, Derive founder Nick Forster pointed out to Cointelegraph that while there has been a substantial amount of inflows into spot Bitcoin ETFs recently, it hasn’t been mirrored in the spot price.
“Despite significant inflows into Bitcoin ETFs, especially over $6.2 billion into BlackRock’s iShares Bitcoin Trust in May, Bitcoin’s price hasn’t seen a proportional increase,” Forster stated.
During the trading week ending May 23, spot Bitcoin ETFs accumulated a total of $2.75 billion in inflows.
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