The largest cryptocurrency ETF by BlackRock, known as the IBIT Bitcoin fund, witnessed an outflow of $430 million, breaking its 34-day inflow streak amid a bounce back in BTC prices. The fund manages $69.2 billion in assets, dwarfing competitors like Fidelity's FBTC fund. Despite the downturn, IBIT holds 80% of the Bitcoin ETF volume. Analysts suggest the recent spike in inflows may have been driven more by institutional investors than retail buyers.
❓ Why did BlackRock's IBIT fund experience outflows?
The outflows were likely triggered by BTC's price rebound and shifts in institutional investment strategies.
❓ How significant is IBIT in the Bitcoin ETF market?
IBIT is the leading Bitcoin ETF, holding 3.33% of all Bitcoin in circulation and capturing 80% of the fund volume.
❓ What does this mean for investors?
While the outflow signals a shift, IBIT's dominance suggests it remains a strong player in the market.