BlackRock’s Bitcoin ETF snaps its 31-day inflow streak, posting the largest single-day outflow to date as market sentiment shifts
BlackRock’s largest outflow on record, which terminated its spot Bitcoin ETF inflow streak, was nearly $12.7 million more than its previous highest outflow day.
BlackRock, the world’s largest asset manager, has concluded its 31-day streak of spot Bitcoin exchange-traded fund (ETF) inflows with its largest recorded outflow day since the product’s debut in January 2024.
According to Farside data, on May 30, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its largest daily outflow of $430.8 million, marking the conclusion of a substantial inflow sequence. Before this, the most excellent outflow day for IBIT occurred on February 26, when $418.1 million was transferred out.
ETF analyst Nate Geraci stated in a May 31 X post, “What a run over the past 30+ days, though,” about the BlackRock Bitcoin ETF’s significant outflow. Geraci emphasized that BlackRock is “currently promoting” approximately $70 billion in Bitcoin holdings since its inception.
Geraci said:
“Not sure I have words to describe how ridiculous this is,”
The 11 US spot Bitcoin ETFs experienced net outflows of $616.1 million for the second day on May 30.
On the previous day, May 29, the cohort’s 10-day net inflow record was terminated by an outflow of $346.8 million. Despite this, BlackRock still reported an inflow, which garnered the attention of several industry professionals.
Master Ventures founder Kyle Chasse said:
“Every other issuer saw red. BlackRock kept buying…big brain energy right there.”
“The sell-off isn’t retail panic. It’s literally the quiet transfer of supply to the strongest hands,” Chasse added
Meanwhile, CoinMarketCap data indicates that Bitcoin’s price has decreased by 2.27% over the past 24 hours to $103,700.
In an interview with Cointelegraph on May 30, Derive founder Nick Forster noted that the spot price has not yet reflected the substantial inflows of spot Bitcoin ETFs that have occurred recently.
Forster said:
“Despite significant inflows into Bitcoin ETFs, notably over $6.2 billion into BlackRock’s iShares Bitcoin Trust in May, Bitcoin’s price hasn’t experienced a commensurate rise,”
Spot Bitcoin ETFs received $2.75 billion in inflows during the trading week ending May 23.
