BlackRock's BTC Spot ETF Experiences Second Outflow of $13.88 Million

IconCryptoNewsTerminal Staff29 Aug, 2024

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BlackRock's BTC Spot ETF Experiences Second Outflow of $13.88 Million

BlackRock's iShares Bitcoin Spot ETF (IBIT) recorded its second-ever outflow on August 29, with $13.88 million worth of assets leaving the fund. This follows the first outflow of $3.4 million that occurred on May 2. The outflow represents a reversal of the inflows seen in the previous months, which had helped to boost IBIT's assets under management to over $1 billion. The reasons behind the recent outflows are unclear, but they may be related to the recent decline in Bitcoin's price. Despite the outflows, IBIT remains the largest Bitcoin spot ETF in the United States, with assets under management of $966 million. However, the recent outflows highlight the challenges that Bitcoin ETFs face in attracting and retaining investors.

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