Even BlackRock Sees $100 Million Outflow...Is Bitcoin Spot ETF Crashing Like This?

▲ Bitcoin (BTC) ETF

Large-scale funds have flowed out of BlackRock's Bitcoin (BTC) spot ETF. There are evaluations that the Bitcoin spot ETF market has entered a full-fledged cooling-off period.

According to a report by NewsBitcoin on April 29 (local time), $112.6 million flowed out of BlackRock's IBIT, the world's largest asset manager. Across all 10 Bitcoin spot ETFs listed in the U.S., a total net outflow of $563.7 million occurred in one day. This is the largest outflow of funds since the launch of Bitcoin spot ETFs. BlackRock's IBIT, after recording its first outflow of $36.9 million on May 1, could not avoid another large-scale fund departure this time.

Fidelity's FBTC saw the largest capital reduction in the market with an outflow of $191.1 million. Grayscale's GBTC also experienced an outflow of $167.4 million. Ark Invest's ARKB saw an outflow of $98.1 million, and Bitwise's BITB recorded a net outflow of $29 million. Hashdex's DEFI, on the other hand, maintained a zero state with no inflows or outflows.

The price of Bitcoin fell to the $57,000 level, increasing market volatility. Investors are feeling extreme fatigue from the stalled inflow of funds into Bitcoin spot ETFs. The momentum that attracted trillions of won since its launch in January seems to have completely broken. The market believes that institutional investors are reducing their exposure to risky assets and engaging in profit-taking.

The cumulative net inflow has shrunk to $11.2 billion. The fund flow in the Bitcoin spot ETF market is expected to remain in a conservative stagnation for the time being. The analysis that a strong additional buying spree from institutions must precede a Bitcoin price rebound is gaining traction. Participants in the virtual asset market are closely monitoring the rate of fund outflows from Bitcoin spot ETFs and readjusting their investment strategies.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*