BlackRock’s IBIT Sees Record $527.8 Million Daily Outflow Since Launch
Summary
- BlackRock’s spot Bitcoin ETF IBIT recorded net outflows of $527.8 million in a single day, the largest since its launch.
- US spot Bitcoin ETFs posted total fund outflows of $733.4 million on the same day, the largest in four months.
- Bitcoin fell 3.6% and dropped below $73,000, with profit-taking, rising US Treasury yields and derivatives liquidations cited as factors behind the decline.
Forecast Trend Report by Period
BlackRock’s spot Bitcoin exchange-traded fund saw $527.8 million of net outflows in a single day.
The Block reported on May 28 that BlackRock’s spot Bitcoin ETF, IBIT, logged $527.8 million in net outflows on May 27. That was the largest daily net outflow since the fund launched in early 2024.
US spot Bitcoin ETFs collectively recorded $733.4 million in net outflows the same day, the biggest daily outflow in four months and the largest since late January.
Alongside IBIT, Grayscale’s GBTC posted $104.8 million in net outflows. Morgan Stanley’s MSBT was the only Bitcoin ETF to post net inflows, at $4.3 million.
Bitcoin fell nearly 3.6% on the day, slipping below $73,000. Nick Ruck, a director at LVRG Research, attributed the decline to profit-taking after recent highs, rising US Treasury yields and macroeconomic uncertainty stemming from geopolitical tensions.
Dominick John, an analyst at Zeus Research, cited a shift of funds into traditional financial-market equities and large derivatives liquidations as the main drivers of Bitcoin’s decline. Liquidation pressure intensified additional losses after key price levels for Bitcoin and Ether were breached.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul