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The iShares Bitcoin Trust (IBIT) by BlackRock experienced its largest single-day outflow to date, with investors pulling out 5,000 BTC ($420 million) on February 26. This marked a new record for the fund, surpassing the previous withdrawal record of $332 million on January 2.
The broader market also felt the pressure, with total outflows from spot Bitcoin ETFs reaching $756 million for the day according to preliminary data from CoinGlass.
The ongoing outflows come amid a staggering $1.1 billion exit on February 24, marking a seven-day streak of withdrawals totaling nearly $3 billion.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) also saw significant outflows of $145.7 million on the same day. Other funds managed by Bitwise, Ark 21Shares, Invesco, Franklin, WisdomTree, and Grayscale reported outflows ranging between $10 million and $60 million.
The sell-off has impacted the crypto market significantly, with total market capitalization falling by 5.6% to $2.9 trillion on February 26. Bitcoin itself plunged to a low of $82,455, deepening its correction to 25% since reaching its all-time high on December 17. Over $1 trillion in market value has been wiped out during this downturn.
Despite the decline, some analysts remain optimistic. CryptoQuant CEO Ki Young Ju cautioned against panic selling and highlighted that a 30% correction is common during Bitcoin bull cycles.
Industry experts suggest that much of the selling pressure comes from hedge funds using Bitcoin ETFs for arbitrage rather than long-term investment. As yield opportunities fade, traders are unwinding their positions contributing to sustained outflows.
Traders have set their sights on the $74,000 support level amid economic concerns including potential trade tariffs from U.S. President Donald Trump.
Over half of spot Bitcoin ETF investors engage in arbitrage strategies according to research by Markus Thielen at 10x Research. The majority of inflows are linked to arbitrage strategies like the "carry trade."
Key takeaways:
- BlackRock’s Bitcoin ETF saw a record outflow of 5,000 BTC ($420 million) on February 26.
- The broader crypto market suffered a 5.6% decline with Bitcoin dropping to $82,455.
- Analysts attribute the sell-off to hedge funds unwinding arbitrage positions.
For more information: BlackRock’s Bitcoin ETF Sees Record Outflow
