Investors pulled a net $269.7 million from BlackRock’s IBIT on Wednesday, about 90% of the day’s $300 million in net withdrawals from US spot Bitcoin ETFs, according to Farside Investors data. The funds recorded nearly $1.44 billion in net withdrawals over five straight sessions, with Wednesday’s outflows rising after three sessions of easing withdrawals.
Bitfinex said slowing ETF outflows could be an early step toward a market floor but were not enough on their own to establish a recovery. Bitcoin traded near $73,000 at the time of writing, down 8.5% over the past week, according to CoinGecko.
