BlackRock’s iShares Bitcoin Trust (IBIT) has logged its largest single-day outflow since its inception.
The popular product has shed an eye-popping $527.84 million on May 27.
This historic bleed comes amidst a sell-off that has dragged the total U.S. Bitcoin spot ETF market deep into the red.
The historic IBIT outflows
According to market data, the IBIT fund lost 7,048 Bitcoin in a single trading session.
This massive exit officially pushed BlackRock’s total Bitcoin holdings back below the 800,000 mark, settling at 794,429 BTC.
Notably, IBIT recorded an impressive $1.49 billion in trading volume for the day. It is one of the most traded products.
A market-wide exodus
The bleeding wasn't isolated to BlackRock.
The entire U.S. spot Bitcoin ETF market experienced a brutal session on May 27, logging a cumulative net outflow of $733.43 million across all funds.
This marks the eighth consecutive day of net negative flows for the ETF sector.
Other major funds saw significant losses include Grayscale (-$104.76 million), Fidelity (-$60.30 million), Bitwise (BITB): -$17.48 million (233 BT), and Ark & 21Shares (ARKB): -$17.39 million (232 BTC).
Interestingly, Morgan Stanley’s MSBT ETF was the lone bright spot. It managed to record a modest inflow of $4.29 million (57 BTC) amidst the broader market rout.
Crypto prices take a toll
The intense institutional selling pressure has taken a toll on cryptocurrency spot prices.
The total digital asset market capitalization declined by roughly 2.0% over the past 24 hours, settling at $2.56 trillion.
Bitcoin (BTC) dropped below the $74,000 mark. It has fallen nearly 3.5% to trade at approximately $73,278. Ethereum (ETH) faced an even steeper decline, dropping 5% to trade below $2,000.
Even after the recent bleeding, total net assets across all funds still stand at a staggering $96.45 billion, controlling roughly 6.40% of the entire global Bitcoin supply.
Dan Burgin
