Bitcoin ETFs recorded $299.90 million in outflows on Wednesday, their fifth straight session of withdrawals, bringing the five-session total to $1.44 billion. BlackRock’s IBIT accounted for $269.73 million of Wednesday’s outflows, while Morgan Stanley’s MSBT took in $8.96 million. Ether ETFs lost $144.81 million, bringing their five-session withdrawals to $523.4 million, or roughly 4.5% of their current assets.
Those cash flows do not capture every change in holdings. BlackRock digital-assets head Robbie Mitchnick said large bitcoin holders have transferred roughly $3.6 billion in self-custodied coins into IBIT shares through in-kind transactions. Such conversions do not require holders to sell their bitcoin first and may not create new open-market demand.
