BlackRock, the world’s largest asset management firm, has marked the end of its 31-day inflow streak for its spot Bitcoin exchange-traded fund (ETF), registering the highest outflow since its inception in January 2024.
On May 30, BlackRock’s spot Bitcoin ETF, known as IBIT, witnessed its biggest daily outflow of $430.8 million, based on data from Farside. Prior to this, the largest outflow recorded by IBIT was on February 26, amounting to $418.1 million.
ETF analyst, Nate Geraci, commented on the exceptional run over the past month, emphasizing that BlackRock is “now pushing” roughly $70 billion in Bitcoin holdings since its launch. “I hardly have words to describe how astounding this is,” said Geraci.
Meanwhile, the collective of 11 US spot Bitcoin ETFs reported net outflows for the second day in a row on May 30, adding up to $616.1 million. Just the day before, the group had ended its 10-day net inflow run with outflows totaling $346.8 million. Despite this, BlackRock continued to post an inflow, which drew attention from various industry players.
Kyle Chasse, the founder of Master Ventures, noted, “All other issuers were in the red. Only BlackRock kept buying… that’s some serious strategic thinking.”
Chasse further added that the outflows were not a result of “retail panic,” but rather a “quiet transfer of supply to the strongest hands.”
As of now, the spot price of Bitcoin stands at $103,700, marking a drop of 2.27% over the last 24 hours, according to CoinMarketCap data.
Nick Forster, founder of Derive, highlighted to Cointelegraph that the considerable inflow into spot Bitcoin ETFs in recent times has not been mirrored in the spot price. Despite over $6.2 billion inflowing into BlackRock’s iShares Bitcoin Trust in May, Bitcoin’s price hasn’t seen a corresponding increase, stated Forster.
In the trading week that ended on May 23, spot Bitcoin ETFs reported a combined inflow of $2.75 billion.
