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BlackRock’s Bitcoin ETF experienced approximately $37 million in outflows for the first time, while other spot Bitcoin ETFs combined saw over $526.8 million in outflows.
This marks a significant moment for United States-based spot Bitcoin ETFs as they report record net outflows, including the iShares Bitcoin Trust.
BlackRock’s iShares Bitcoin Trust saw $36.9 million in outflows on May 1, according to Farside Investors. Meanwhile, nine other Bitcoin ETFs experienced combined outflows of $526.8 million, with the Hashdex Bitcoin ETF being the only one unaffected.
The largest outflow of the day came from the Fidelity Wise Origin Bitcoin Fund, which reported net outflows of $191.1 million. The Grayscale Bitcoin Trust followed closely with $167.4 million in outflows.
This marks the largest single outflow day for U.S.-based spot Bitcoin ETFs since their launch in January. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also reported significant outflows of $98.1 million and $13.4 million, respectively.
Bitcoin’s value has dropped by 10.7% over the past week. Despite this, ETF Store president Nate Geraci noted in a May 2 social media post that the iShares Gold ETF and SPDR Gold ETFs experienced $1 billion and $3 billion in outflows this year.
Despite these changes, Geraci also highlighted that gold has seen a 16% year-to-date increase. Bloomberg ETF analyst James Seyffart emphasized that Bitcoin ETFs continue to operate smoothly, with inflows and outflows being a normal part of ETF operations.