BlackRock's Bitcoin ETF sees $217 million in outflows

The spot Bitcoin ETF sector fell into the loss zone again, experiencing an outflow of $217 million on April 25.

According to data from SoSo Value, five ETFs, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), have not experienced capital inflows in recent days. It should be mentioned that BlackRock's fund has recorded no capital inflows for the second consecutive day.

Image source: SoSo Value

In addition to the Grayscale Bitcoin Trust ETF (GBTC), four other ETFs recorded outflows, including those from Fidelity Investment and ARK Invest/21Shares.

Despite the recent trend of outflows, IBIT (BlackRock’s iShares Bitcoin Trust ETF) remains one of the top 10 ETFs with consistent long-term inflows. However, inflows into the fund have declined since early March 2024.

Image source: SoSo Value

Average flows into spot Bitcoin ETFs have also slowed significantly in recent weeks. Hunter Horsley, CEO of Bitwise, said that many institutional investors in the market are still secretly preparing to inject large amounts of funds into cryptocurrency-based financial instruments.

Hunter Horsley is convinced that the introduction of a new class of digital assets will help make the cryptocurrency market more attractive to investors.

Investor interest in cryptocurrency-based products has waned recently. Analysts at CoinShares noted that large professional investors pulled $206 million out of crypto products over the past week.

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