On May 1, BlackRock’s Bitcoin fund experienced $36.6 million leaving, as reported by HODL15 Capital. Not only did the iShares Bitcoin Trust (IBIT) from BlackRock see its first outflow day, but nine other Bitcoin ETFs collectively recorded $526.8 million in outflows. The Hashdex Bitcoin ETF (DEFI) was the only exception with zero flows based on preliminary Farside Investors data.

Leading the outflows was the Grayscale Bitcoin Trust (GBTC) with a net outflow of $167.4 million. Following closely was the Fidelity Wise Origin Bitcoin Fund (FBTC) with a record outflow of $191.1 million. Notably, the ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF experienced outflows of $98.1 million and $13.4 million, respectively.

The downturn in Bitcoin price by 10.7% over the past week has contributed to these record outflows. Despite this, ETF Store president Nate Geraci highlighted that the iShares Gold ETF and SPDR Gold ETFs have each seen billion-dollar outflows, despite gold's 16% increase year-to-date.

In analyzing the situation, Bloomberg ETF analyst James Seyffart remarked that the Bitcoin ETFs are managing operations smoothly despite the flow of funds in and out being a part of normal ETF lifecycle.

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