The Bitcoin ETF from iShares saw a rough entry into the week with the asset down by 14% yet, according to market analysis — no one budged.
At the market opening on Aug. 5, traders were in for a shock to see that the Bitcoin ETF managed by iShares ($IBIT) was down by 14% after already experiencing a decline of 8% the previous week.
However, as noted by Bloomberg senior ETF analyst Eric Balchunas, there were $0 in flows denoting that traders did not budge on their positions. Balchunas compared their unwavering-ness to the “Rock of Gibraltar” and said the industry is “lucky to have them.”
While the total outflows for the group of ETFs were down $168 million, it only accounts for 0.3% of the total assets under management (AUM) and one third of that was from the Grayscale Bitcoin Trust ($GBTC).
