United States-based spot Bitcoin exchange-traded funds (ETF) have posted record net outflows, with BlackRock’s iShares Bitcoin Trust also seeing its first-ever outflow day.
BlackRock’s Bitcoin (BTC) fund saw $36.9 million flow out on May 1, according to Farside Investors.
Nine other Bitcoin ETFs saw a combined $526.8 million in outflows, with the Hashdex Bitcoin ETF being the only one with zero flows, according to preliminary Farside data.
The largest outflow for the day was the Fidelity Wise Origin Bitcoin Fund, which saw $191.1 million in net outflows.
The Grayscale Bitcoin Trust took the second spot with outflows of $167.4 million.
It is the largest single outflow day for the U.S.-based spot Bitcoin ETFs since they launched in January. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also saw $98.1 million and $13.4 million in outflows, respectively.
It comes as Bitcoin has fallen 10.7% over the last week.
Related: Australia’s top exchange may approve spot Bitcoin ETFs this year: Report
However, ETF Store president Nate Geraci pointed out that the iShares Gold ETF and SPDR Gold ETFs have had $1 billion and $3 billion in outflows so far this year.
Yet, gold is up 16% year-to-date, Geraci noted in a May 2 X post.
Bloomberg ETF analyst James Seyffart noted that the Bitcoin ETFs are still “operating smoothly across the board” and that “inflows and outflows are part of the norm in the life of an ETF.”
Magazine: Get Bitcoin or die tryin’: Why hip hop stars love crypto
