BlackRock’s iShares Bitcoin Trust (IBIT), a popular Bitcoin ETF, has seen money flowing out for the second time since it launched earlier this year. This is a bit unusual, as the ETF has generally been attracting investors.
Outflows on the Rise
On August 29th, IBIT saw $13.5 million leave its coffers. The last time it saw outflows was back in May, when $36.9 million was withdrawn. Interestingly, May 1st was the only day on record where all major Bitcoin ETFs saw outflows.
IBIT Still a Top Performer
Despite the recent outflows, IBIT remains a popular choice for investors. It has an average daily inflow of $130.7 million, the highest among all Bitcoin ETFs. Its best day ever saw a whopping $849 million flow into the fund.
Other Bitcoin ETFs Struggling
While IBIT is holding its own, other Bitcoin ETFs are facing challenges. Grayscale’s Bitcoin Trust (GBTC), for example, is averaging $123 million in outflows per day.
Bitcoin ETFs Gaining Popularity
Bitcoin ETFs were finally approved by the US Securities and Exchange Commission (SEC) in January after years of waiting. These ETFs allow investors to gain exposure to Bitcoin without having to buy the cryptocurrency directly. Since then, ETFs based on Ethereum (ETH) have also been approved, and the industry is now looking to get Solana (SOL) ETFs approved as well.
Bitcoin Price Drops
Bitcoin is currently trading at $58,071, down 4.2% in the past 24 hours.
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions. /p>
