BlackRock's Bitcoin (BTC) ETP Suffers Outflows for the Second Time Since January Launch

New data unveils that BlackRock's iShares Bitcoin (BTC) Trust (IBIT) has suffered outflows for just the second time since being launched in January.

BlackRock’s iShares Bitcoin (BTC) Trust (IBIT) has seen outflows for only the second time since launching in January, with new data revealing that the fund, managed by a firm with over $10 trillion in assets, saw its BTC exchange-traded fund (ETF) experience its second day of outflows ever earlier this week.

According to London-based investment management firm Farside Investors, IBIT encountered outflows of $13.5 million on August 29th. The last time the ETF saw outflows was on May 1st, when it saw $36.9 million leave its coffers. Notably, May 1st is the only day on record to see every single major BTC ETF encounter outflows.

The data reveals that IBIT’s average amount of inflows per day comes out to $130.7 million — the highest out of all BTC ETFs — while its best day on record saw it haul in $849 million.

Furthermore, it was found that Grasycale’s Bitcoin Trust (GBTC) is struggling the most out of all BTC ETFs as it averages $123 million worth of outflows per day.

Bitcoin ETFs, which grant traders exposure to the crypto king without them having to actually purchase it, were approved by the U.S. Securities and Exchange Commission (SEC) in January after years of being rejected.

Months later, ETFs based around the leading smart contract platform by volume Ethereum (ETH) were also greenlit as the industry now seeks the approval of Solana (SOL)-based ETFs.

Bitcoin is trading for $58,071 at time of writing, a 4.2% decrease during the last 24 hours.

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