BlackRock’s BTC ETF Experiences Largest Single-Day Outflow as Basis Trade Falters

BlackRock’s Bitcoin ETF Faces Record $418M Outflow as Market Weakens

BlackRock’s iShares Bitcoin Trust (IBIT) saw a record-breaking $418.1 million in outflows on Wednesday, as Bitcoin (BTC) tumbled to around $82,000, highlighting increasing investor caution.

Key Takeaways:

  • ETF Outflows Surge: U.S. spot Bitcoin ETFs recorded total withdrawals of $754.6 million, bringing cumulative outflows to $3.6 billion since February 7, per Farside data.
  • Heavy Trading Activity: IBIT saw $4.19 billion in trading volume on Wednesday, making it the sixth most-traded ETF in the U.S. that day, according to Coinglass.
  • CME Open Interest Hits Lows: Open interest on Bitcoin futures at the Chicago Mercantile Exchange (CME) has declined to 155,270 BTC, marking its lowest point since November—signaling that the unwinding of the basis trade may be accelerating.

As investors navigate ongoing market turbulence, the sharp outflows suggest waning confidence in Bitcoin ETFs, at least in the short term.

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