BlackRock Bitcoin ETF Faces Major Outflows as BTC Dips Below $75K
- BlackRock’s spot Bitcoin ETF, IBIT, experienced its second-largest daily outflow at nearly $528 million.
- US-listed spot Bitcoin ETFs recorded cumulative withdrawals of approximately $2.6 billion over eight consecutive days.
- The total net outflows for US spot Bitcoin ETFs year-to-date now stand at about $596 million.
- May alone accounted for around $2.1 billion in withdrawals, marking the largest monthly outflow this year.
- Analysts suggest that if selling pressure persists, Bitcoin could find support around the $70,000 level.
The recent outflows indicate a significant shift in demand dynamics within the cryptocurrency market, particularly affecting institutional interest in Bitcoin. As a result, key corporate buyers may be pulling back from their previous support levels.
With US spot Bitcoin ETFs now showing negative net flows for the year and May’s withdrawals reaching $2.1 billion, the market is experiencing notable turbulence.(Source)
