According to data from SoSo Value, the US spot Bitcoin ETF sector saw a historic outflow of $563.77 million on May 1, 2024. This is an all-time record since the US Securities and Exchange Commission (SEC) approved this type of exchange-traded fund.

Capital outflows were recorded across 10 different products, with the biggest impact on the Fidelity Wise Origin Bitcoin Fund (FBTC), which lost $191.09 million.

A special feature of this day is that for the first time a capital outflow was recorded on the iShares  Trust (IBIT) position from BlackRock. This fund was previously reported to have had continuous net inflows for 70 days.

Outflows from the spot Bitcoin ETF sector have continued for six days in a row, with the May 1, 2024 figure marking a new all-time high, as shown in the chart below.

Interestingly, the net outflow of capital on May 1, 2024 exceeds the funds' losses for the entire April, amounting to $563.77 million compared to $345.88 million. This occurred against the backdrop of a fall in the Bitcoin price below $57,000.

The head of The ETF Store, Nate Geraci, commented on the situation by comparing IBIT's performance with another BlackRock exchange-traded fund, the iShares Gold ETF. He noted that during the year the second product lost more than $1 billion