Hold onto your hats, folks, because there's a whirlwind in the world of Bitcoin ETFs! The BlackRock iShares Bitcoin Trust (IBIT) just set a jaw-dropping record with a daily outflow of a whopping $332.6 million. That's right, this outflow smashed the previous record of $188.7 million set on Christmas Eve. Looks like investors are feeling a bit skittish with Bitcoin's price doing the cha-cha and not really going anywhere.
So, what's the scoop? It seems like U.S. investors are hitting the brakes on the spot Bitcoin ETFs, pulling their money out faster than you can say “crypto rollercoaster.” This latest wave of withdrawals has hit IBIT hard, marking its biggest cash-out since it launched nearly a year ago.
According to some sharp-eyed data from CoinGlass, a staggering $332.6 million was yanked from IBIT on January 2. And it's not just IBIT feeling the heat. With a few funds managing to reel in over $106 million, the 11 spot Bitcoin ETFs together saw a total outflow of $247.8 million. Ouch!
But wait, there's more. Grayscale’s GBTC felt the pinch too, with $23.10 million walking out the door. Meanwhile, funds from big players like Fidelity, Ark Invest/21Shares, Bitwise, and VanEck did manage to catch some positive vibes with moderate inflows.
Now, let's talk about BlackRock's star player, IBIT. It's been the shining beacon in the Bitcoin ETF world, but lately, it's been underperforming. The last time it saw such a massive outflow was during the festive season when $188.7 million made a quiet exit.
Since December 19, IBIT has only had three days of inflows, with outflows taking center stage most of the time. Back in the glory days of mid-November to mid-December, it was all sunshine and rainbows as the fund saw billions pouring in, with Bitcoin prices soaring past $109,000. Ah, the good old days!
Despite recent hiccups, IBIT is still the heavyweight champ among spot Bitcoin ETFs, having smashed numerous milestones recently. With a mighty $51 billion under its belt in assets under management and net inflows soaring above $36.9 billion, it's still a force to be reckoned with.
In just ten months after its debut, IBIT surpassed BlackRock’s iShares Gold ETF (IAU) in assets under management, which took nearly two decades to build. Talk about a meteoric rise! Just six weeks later, IBIT almost doubled IAU’s AUM, hitting a staggering $58.57 billion.
IBIT's got some serious energy and an unmatched growth pace, making it the fastest ETF in history to reach $50 billion in assets. The previous record holder took 1,329 days to hit that milestone, but IBIT did it in just 228 days. Whoosh!
And let's not forget, IBIT’s biggest daily inflow was a mind-blowing $1.120 billion, way higher than any outflow it's faced. So, while it might be a bumpy ride right now, IBIT has shown it can weather the storm. Keep your eyes peeled for what comes next!
