BlackRock's bitcoin fund loses $269.73M as nine-day exit passes $2B

BlackRock’s iShares Bitcoin Trust lost $269.73 million on Wednesday, its ninth straight session of withdrawals.

The run has now drawn more than $2 billion from the largest U.S. spot Bitcoin fund since Oct. 30.

Spot Bitcoin ETFs shed $299.9 million on Wednesday

US spot Bitcoin ETFs saw outflows for the fifth straight day on November 11, shedding $299.9 million. IBIT alone accounted for about 90% of the total.

Grayscale’s GBTC lost another $39.13 million. The only fund to take in cash was Morgan Stanley’s MSBT, which added $8.96 million for a third straight day of inflows, with the rest posting no flows.

Wednesday’s exit was more than triple Tuesday’s $95 million and ended three days of slowing withdrawals. Five sessions since Nov. 5 have now sapped ~$1.44 billion from the funds, some 1.5% of their $93.70 billion in net assets.

Selling opened at $430.2 million on Nov. 5 and $411.9 million on Nov. 6.

Flow data shows IBIT’s streak commenced October 30. Its biggest days were November 2 ($405.3 million) and November 6 ($403.0 million).

Cryptopolitan reported that the fund had its seventh straight day of outflows on Monday. It lost another $78.2 million Tuesday before the exit Wednesday brought the streak’s total to about $2.004 billion.

IBIT still has $58.71 billion in assets, ahead of Fidelity’s FBTC at $12.98 billion and GBTC at $9.19 billion. IBIT also handled $1.79 billion of the $2.27 billion of Bitcoin ETF trading on Wednesday.

Ether ETFs lose $144.81 million as ETHA leads withdrawals

US spot Ether ETFs dropped $144.81 million on Wednesday, led by BlackRock’s ETHA, which lost $129.78 million. ETHB, ETHW, FETH and EZET shed smaller amounts, and no Ether fund pulled in cash.

The group has seen $523.4 million of outflows over the past five sessions.

The sum is about 4.5% of the $11.65 billion in net assets in Ether funds, almost three times the pace seen in Bitcoin funds.

Zcash, Solana, HYPE and NEAR products also lost money. Zcash funds lost $14.61 million, and Solana funds $5.85 million, bringing the total crypto ETF outflows for the day to ~$468 million.

Robbie Mitchnick, head of digital assets at BlackRock, said large holders had traded about $3.6 billion of self-custodied Bitcoin for IBIT shares through in-kind transactions. “In-kind transactions into bitcoin ETFs are exploding in popularity,” Bitwise said in an X post featuring president Teddy Fusaro.

US spot Bitcoin ETFs still constitute about 6.24% of Bitcoin’s market cap. Together, they’ve seen net inflows of $55.1 billion since their January 2024 launches.

Crypto liquidations topped $1 billion as Bitcoin dived below $75,000 on Nov. 9. At the time of writing, BTC was trading at $71,856, down 3.1% in the past 24 hours.

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