Bitcoin ETFs See Largest Daily Outflows as BlackRock Endures First Negative Day

bitcoin spot ETFs (exchange-traded funds) suffered their largest daily outflow since their launch in January and BlackRock's IBIT fund experienced its first negative day.

Newly launched US ETFs recorded $563.7 million in total net outflows on May 1, according to data from ValueBear. During the same day, $36.9 million flowed of BlackRock's dominant spot bitcoin ETF. <img decoding="async" alt="Why bitcoin Futures ETFs Won't Match bitcoin Price Movements | Money” src=”https://img.money.com/2021/10/Investing-bitcoin-Futures-ETF-Wont-Match-Price-Of-bitcoin.jpg”/><img decoding="async" src="https://img.money.com/2021/10/Investing-bitcoin-Futures-ETF-Wont-Match-Price-Of-bitcoin.jpg” alt=”Why bitcoin Futures ETFs Won't Match bitcoin Price Movements | Money”/>

Fidelity bitcoin ETF Hardest Hit

Fidelity's FBTC was hit the hardest after $191 million left the fund. That was enough to surpass the $167.3 million net outflows that hit Grayscale's GBTC.

Ark Invest's ARKB witnessed the third-largest daily net outflow, with $98.1 million leaving the fund. BlackRock's IBIT was the next biggest loser, followed by Bitwise's BITB with $29 million in net outflows.

Investors withdrew their capital from these funds after the price of bitcoin (btc) fell more than 10% over the past week. The market leader continued bitcoin/”>low performance in the last 24 hours, falling 3% on the last day of trading.

Analysts are not too worried about capital outflows

But Bloomberg ETF analyst James Seyffart said capital outflows are not a cause for concern.

“Entry and exit are part of the norm in the life of a ETFs” he said in a May 2 post. “These ETFs are performing smoothly across the board.”

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”8.4244186046512″>

I should add: these ETFs are performing smoothly across the board. Entries and exits are part of the norm in the life of an ETF.

-James Seyffart (@JSeyff) twitter.com/JSeyff/status/1785843582420541666?ref_src=twsrc%5Etfw”>May 2, 2024

ETF Store President Nate Geraci shared a similar sentiment, saying that inflows “don't increase in a straight line,” in an x. twitter.com/JSeyff/status/1785843582420541666″>mail. He also noted that the iShares Gold and SPDR Gold ETFs have respectively seen $1 billion and $3 billion in capital outflows so far this year.

Despite these significant capital outflows, the commodity is still up around 16%, Geraci noted.

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