BlackRock’s iShares Bitcoin Trust had its first outflow day during the trading ending May 1, 2024. Data from Farside Investors indicated that the spot Bitcoin ETF saw $36.9 million leaving its coffers.

The outflows were not limited to just BlackRock’s Bitcoin fund. Nine other Bitcoin ETFs together experienced a total outflow of $526.8 million, with the Hashdex Bitcoin ETF being the only exception with zero flows, according to the data.

In the U.S., the Fidelity Wise Origin Bitcoin Fund had the largest outflow at $191.1 million, followed closely by the Grayscale Bitcoin Trust with outflows of $167.4 million. This was the most substantial single outflow day for these ETFs since their launch in January.

Nate Geraci, president of ETF Store, mentioned in a social media post that outflows are normal market activities for ETFs. He pointed to Gold ETFs as an example, stating that despite significant outflows, they are still experiencing market value growth. Bloomberg ETF analyst James Seyffart echoed this perspective, saying that Bitcoin ETFs are still operating smoothly despite the outflows, as inflows and outflows are a normal part of an ETF's life.

The outflows occurred during a period where Bitcoin's price dropped by 10.7% in the last week, with the token currently trading at $57,730.42.

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