Largest One-Day Outflow for BlackRock’s Bitcoin Spot ETF
BlackRock’s Bitcoin Spot ETF, iShares Bitcoin Trust (IBIT), experienced a record outflow of $418.1 million in a single day on Wednesday. This massive movement coincided with a drop in the price of Bitcoin, which is currently hovering around $82,000.
In total, all US-listed Bitcoin Spot ETFs saw a total outflow of $754.6 million, a trend that has been accelerating for several weeks. Since February 7th, cumulative outflows have reached $3.6 billion, according to Farside data.
Continued Strong Trading Volume
During these massive outflows, BlackRock’s Bitcoin ETF recorded $4.19 billion in trading volume on Wednesday, ranking it as the sixth most traded ETF in the United States for that session, according to Coinglass. This intense activity illustrates a market in full swing, where investors are quickly readjusting their positions in the face of uncertainties.
Bitcoin Price Drop and Outflows: The Slow End of Basis Trade
Another strong signal of this movement comes from the Chicago Mercantile Exchange (CME), where the open interest in Bitcoin futures contracts has dropped to 155,270 BTC, its lowest level since November. This contraction suggests that the “basis trade”, an arbitrage strategy exploited by many funds, is reversing. The waning of this mechanism, which relies on the gap between spot prices and futures contracts, could increase short-term market pressure.
A Turning Point for the Bitcoin ETF Market
These figures mark an important milestone for Bitcoin ETFs, which had previously attracted significant inflows since their launch. The current sharp correction could reflect a shift in dynamics among institutional investors, prompting close monitoring of volume and open positions in derivative markets.
