US spot Bitcoin exchange-traded funds recorded about $300 million in net outflows on Wednesday, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for most of the total, according to Farside Investors data cited by Cointelegraph. The figures have not been independently confirmed.
According to the same report, IBIT has seen more than $2 billion in net outflows over nine consecutive trading sessions through Wednesday. The exact cumulative total beyond that threshold was not given.
What the fund data shows
Cointelegraph, citing Farside Investors, reported that investors pulled a net $269.7 million from IBIT on Wednesday, roughly 90% of the day’s withdrawals across US spot Bitcoin ETFs. Grayscale’s Bitcoin Trust ETF (GBTC) reportedly lost $39.1 million, while the Morgan Stanley Bitcoin Trust ETF (MSBT) drew $9 million in net inflows.
The report adds that the funds had posted nearly $1.44 billion in net withdrawals over five straight sessions, and that Wednesday’s figure followed three sessions of easing outflows.
Market context and commentary
Bitcoin traded near $73,000 at the time of the report, down 8.5% over the past week, according to CoinGecko data cited by Cointelegraph.
Bitfinex said on Wednesday that slowing ETF outflows could be an early step toward a market floor, but that they were not enough on their own to establish a recovery. The exchange said that in the outflow streaks it studied earlier this year, Bitcoin gained a median 6.4% over 10 trading sessions when a streak ended with at least three consecutive sessions of net inflows. That is a historical observation by Bitfinex, not a forecast.
In a note shared with Cointelegraph, Laser Digital’s derivatives trading desk pointed to weak spot demand, a persistently negative Coinbase premium and large liquidations of leveraged long positions. The desk also said Bitcoin barely rose during Monday’s Nasdaq rebound, when the index gained almost 3%.
What remains unclear
The article rests on a single source, and the Farside figures have no independent confirmation here. The date of the flows is inferred from the publication date. The causes of the outflows are not established beyond the commentary from Laser Digital’s desk.
Sources
- cointelegraph.com Cointelegraph — BlackRock Bitcoin ETF outflows hit $2B over nine sessions Accessed
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