BlackRock’s Bitcoin ETF in Red for the First Time Since May

On Thursday, BlackRock's groundbreaking Bitcoin ETF recorded its first negative flows since May.

Overall, Bitcoin ETFs saw $71.8 million worth of outflows yesterday. 

The iShares Bitcoin Trust ETF recorded $13.51 worth of outflows on Thursday, according to recent data. 

Yesterday, Bitcoin managed to briefly reclaim the $60,000 level. However, this recovery was rather short-lived, and the cryptocurrency is currently trading below the aforementioned level. 

Related

Thu, 08/29/2024 - 10:20

Ancient Bitcoin Whale Pushed to Life with 41,897% Profit Increase

Yuri Molchan

Notably, ARK 21Shares Bitcoin ETF (ARKB) was the only Bitcoin ETF in the green on Thursday. This came after this product experienced significant outflows on 

As reported by U.Today, IBIT became the fastest ETF to reach $10 billion worth of assets under management.

In June, BlackRock's Bitcoin ETF surpassed $20 billion worth of AUM.

It is now clear whether is the recent outflow is part of a bigger trend. So far, BlackRock has been absolutely dominating the Bitcoin ETF race, significantly outperforming major competitors such as Boston-based financial giant Fidelity. 

Meanwhile, as reported by U.Today, Bitcoin ETFs are on track to surpass Bitcoin creator Satoshi Nakamoto as the biggest holder of the largest cryptocurrency by Halloween. 

During a recent CNBC interview, BlackRock CEO Larry Fink said that he viewed the flagship cryptocurrency as “digital gold,” adding that it has a role in investor portfolios. Earlier, the BlackRock boss was rather critical of Bitcoin, but he completely changed his stance when the cryptocurrency started gaining more mainstream acceptance.