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Cryptocurrency News Articles
BlackRock Suffers First Bitcoin Trust ETF Outflow in Weeks, Records Setback in Strong Run
Sep 10, 2024 at 10:41 pm
BlackRock, the world's largest asset manager, has suffered its first negative flow from its iShares Bitcoin Trust ETF in weeks.
BlackRock (NYSE:IBIT) encountered its first negative flow from the iShares Bitcoin Trust ETF (NYSE:BITI) in weeks, registering an outflow on Sept. 9, as per data from Farside Investors.
BlackRock records net outflow
The net outflow recorded by BlackRock was to the tune of $9.1 million on Sept. 9. No other asset manager recorded negative outflows, with Grayscale (NYSE:GBTC) registering an outflow of $22.8 million.
BlackRock had managed to avoid outflows since Aug. 29, but this figure ends its twelve-day streak. However, the current outflow of $9.1 million is more than $4 million less than the last negative flow by BlackRock.
While BlackRock and Grayscale encountered outflows, others like Franklin, Valkyrie, VanEck, WisdomTree and Grayscale Bitcoin Mini Trust did not register any flows.
The positive performance by the other asset managers helped register a cumulative inflow of $28.6 million.
Notably, Fidelity (NASDAQ:FBTC) led the pack with a $28.6 million inflow, followed by Bitwise (NYSE:BITB) with $22 million. Others are ARK 21Shares (NYSE:ARKB) and Invesco (NYSE:IVZ) with $6.8 million and $3.1 million, respectively.
BlackRock remains top asset manager in flows
Despite IBIT’s recent outflow, it remains the leading asset manager in flows. On average, BlackRock has posted an average of $126 million, over $69 million more than its closest rival, Fidelity.
Fidelity’s average inflow is $56.9 million, and it has a rich history of outranking BlackRock. The cumulative average inflow of the others amounts to $39.7 million, except Grayscale (NYSE:GBTC), which has an average outflow of $120.7 million.
Bitcoin price remains under pressure
Despite the net inflow in the majority of the asset managers, the price of Bitcoin (CRYPTO:BTC) on the crypto market continues to trade below $60,000.
The leading digital asset has witnessed volatility and price fluctuations and has only breached the $60,000 resistance level for a very short spell within the past month, only to crash again.
At the time of writing, CoinMarketCap data shows Bitcoin exchanging hands at $57,263.11, which represents a 3.65% increase in the past 24 hours.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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