BlackRock’s iShares Bitcoin Trust Sees $355M Outflow
- The iShares Bitcoin Trust (IBIT) experienced a $355 million outflow on Thursday.
- US spot Bitcoin ETFs recorded net outflows of approximately $903 million, reversing the previous day’s inflow.
- Major contributors to the withdrawals included IBIT, Grayscale’s GBTC, and Fidelity’s FBTC.
- Bitcoin‘s price briefly rose above $92,000 but fell below $88,000 after US markets opened, further declining to $85,400 according to CoinGecko.
Trading Analysis
Trading Signal: BEARISH (Score: -6)
Significant outflows from major Bitcoin ETFs indicate potential market weakness.
Price Levels:
Current: $85,400
Support: Not specified | Resistance: Not specified
24h/Recent Range: $85,400 – $92,000
The iShares Bitcoin Trust saw a significant withdrawal of $355 million amidst broader net outflows of around $903 million from US spot Bitcoin ETFs. This coincided with a decline in the price of Bitcoin from an intraday high above $92,000 to below $88,000.
Source (3.2)https://cryptobriefing.com/bitcoin-etf-outflows-blackrock-ibit-355-m/?rand=59535
