On August 29, BlackRock's Bitcoin ETF, IBIT, recorded its second outflow since its launch according to SoSoValue data.
Outflow Details
According to official reports, BlackRock's Bitcoin ETF, IBIT, recorded an outflow of $13.51 million on August 29. Alongside IBIT, Grayscale, Fidelity, Bitwise, and Valkyrie's ETFs also recorded outflows. The total outflows of all Bitcoin ETFs in the US amounted to $71.73 million, with the only ETF recording inflows being ARKB from Ark and 21Shares, with an inflow of $5.34 million.
BlackRock’s Bitcoin Reserves
The first outflow for BlackRock's IBIT was on May 1, amounting to $36.93 million. As of August 29, the total net assets in the fund were $21.22 billion. IBIT was launched on January 11, 2024, along with 10 other Bitcoin ETFs, recording an inflow of $111.68 million on its first day. The highest single-day inflow was on March 12, amounting to $849 million.
Unprecedented Growth
In March, BlackRock's CEO Larry Fink mentioned in an interview with Fox Business that IBIT was experiencing unprecedented growth, making it the fastest-growing ETF in the company's history. Fink expressed his optimism about Bitcoin's long-term prospects.
Despite recording another outflow in its Bitcoin ETF, BlackRock continues to garner attention for its crypto product, highlighting its long-term potential.
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