BlackRock's Bitcoin ETP Sees Record $332.6M Outflow, But Remains a Top Performer in 2024

Investing.com -- BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) experienced its largest daily outflow since launching a year ago, coinciding with the resumption of U.S. trading after the New Year's Day holiday.

BlackRock's (NYSE:BLK) iShares Bitcoin Trust (NASDAQ:IBIT) experienced its largest daily outflow since launching a year ago, coinciding with the resumption of U.S. trading after the New Year's Day holiday.

On January 2, BlackRock's spot Bitcoin ETF recorded an outflow of $332.6 million, according to data from Farside Investors. This surpassed the previous high of $188.7 million set on December 24.

The fund has now seen outflows for three consecutive trading days, marking another record. Over the past week, IBIT's total outflows have reached $392.6 million.

Despite the recent withdrawals, BlackRock's Bitcoin ETF remains one of the top-performing funds in the U.S. in terms of inflows for 2024.

Data from Bloomberg, shared by senior ETF analyst Eric Balchunas, shows that IBIT ranked third with $37.2 billion in inflows. The Vanguard S&P 500 ETF (NYSE:VOO) led the list with $116 billion, followed by the iShares Core S&P 500 ETF (NYSE:IVV) at $89 billion.

While BlackRock's Bitcoin ETF saw significant outflows, other spot Bitcoin ETFs, including those from Bitwise, Fidelity, and Ark 21Shares, recorded inflows of $48.3 million, $36.2 million, and $16.5 million, respectively.

Grayscale Bitcoin Mini Trust ETF (NYSE:BTC) also posted a modest inflow of $6.9 million, though its larger Grayscale Bitcoin Trust (BTC) (NYSE:GBTC) fund experienced a $23.1 million outflow.

The overall net outflow for the day amounted to $242 million, driven largely by BlackRock's withdrawals, which offset inflows seen by its competitors.

Meanwhile, U.S. spot Ethereum ETFs experienced net outflows totaling $77.5 million on Jan.2, with Bitwise Ethereum ETF (NYSE:ETHW) accounting for the majority at $56.1 million. Grayscale Ethereum Trust ETF (NYSE:ETHE) also reported outflows of $21.4 million.

The combined trading volume for ether funds reached $397.2 million on Thursday, an increase from $313.1 million recorded on December 31. The funds' cumulative net inflows have grown to $2.58 billion.