The value of Bitcoin has tanked ahead of the weekend following BlackRock’s Spot BTC ETF outflow. At press time, Bitcoin (BTC) is worth $59,367, with a minimal decline in the last 24 hours.
The value of BTC today is almost 3% lower than it was seven days ago. Historically, BTC has dropped further down on the weekend compared to its Friday Wall Street close.
Overall, BTC’s demand growth remains low and has turned negative in the last few weeks. According to data from Alternative.me, the crypto Fear and Greed Index now sits at 34, signaling fear among investors.
According to SoSoValue data, U.S.-listed BTC ETFs saw $71 million in net outflows on Thursday for the third day in a row, indicating that professional funds are exiting the market.
At this point, traders predict that market volatility will increase in the coming weeks. Despite favorable rate cut signs and endorsements from Republican nominee Donald Trump, BTC has generally traded sideways over the last week. BTC’s drop has led the rest of the crypto market down in losses.
BlackRock’s BTC ETF sees $13.5M outflow in a day
BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) recorded its second-ever day of outflows since it launched in January 2024. IBIT recorded a $13.5 million net outflow on Aug. 29. This is its second since its $36.9 million net outflow on May 1.
According to Farside Investors data, this was also the worst joint outflow day on record for the Bitcoin TFs. On August 29th, total outflows stood at $563.7 million. Yesterday, the 11 United States-based spot BTC ETFs saw joint net outflows totaling $71.8 million.
BlackRock’s fund ranked third behind the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw the largest net outflows of the day at $31.1 million. The Grayscale Bitcoin Trust (GBTC) came in second with outflows of $22.7 million.
IBIT’s net outflow day comes after it registered $224.1 million in net inflows on August 26 — its largest total since July 22, when it received $526.7 million.
The ARK 21Shares Bitcoin ETF (ARKB) was the only one that saw net inflows on August 29, with $5.3 million flowing into the fund.
