BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced a notable setback on Thursday, recording net outflows of $13.5 million—the first loss for the fund since May. This marks only the second time since its launch in January that the largest spot Bitcoin ETF by total assets has seen more funds withdrawn than added.
The outflow at BlackRock was part of a broader trend among U.S. spot Bitcoin ETFs, which collectively saw $71,800 in net withdrawals on Thursday, marking the third consecutive day of negative outflows for these funds, according to data from investment management firm Farside Investors.
Other major spot Bitcoin ETFs also faced significant outflows on the same day. Grayscale’s spot Bitcoin ETF lost approximately $22.7 million, Fidelity’s fund saw $31.1 million in outflows, and Bitwise’s BITB experienced losses of around $8.1 million.
Despite this trend, experts suggest there is no immediate cause for concern. Glassnode analyst Brett Singer noted that while the recent outflows might seem alarming to some Bitcoin holders, the overall growth of these ETFs remains consistent. “They’ve still had very consistent growth and the amount pulled out seems negligible,” Singer said on Friday.
These investor withdrawals come at a time when Bitcoin’s price dipped below a crucial support level of $58,000 this week. However, the recent outflows from spot Bitcoin ETFs have not yet triggered widespread panic among investors, as many analysts believe the long-term prospects for these funds remain strong.