A major asset management company, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first-ever outflow day, with $36.9 million flowing out, marking a record for US Bitcoin exchange-traded funds (ETFs) on May 1.
Among the nine other Bitcoin ETFs, there were combined outflows of $526.8 million, with only the Hashdex Bitcoin ETF (DEFI) showing zero flows, according to preliminary Farside Investors data.
The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest outflow at $191.1 million, followed by Grayscale Bitcoin Trust (GBTC) with $167.4 million.
Bitcoin ETFs’s significant outflows amid price volatility are a manifestation of an investor’s tendency to be more cautious, which is contrary to gold’s strengthening value despite outflows.