- With the exception of Bitwise (BITB), which received $18.7 million, all US-based products had no flows on Monday.
- The price of Bitcoin reversed course after falling 8.5% from its all-time high on July 14 over the weekend, hitting a low of $112,300 on Sunday.
As Bitcoin fell over the weekend and then rose somewhat on Monday, BlackRock’s US-listed Bitcoin fund had its largest outflow since May. Monday was the biggest outflow of $292.5 million for BlackRock’s iShares Bitcoin Trust (IBIT) in two months. On Friday, there was a little outflow as well, ending a string of 37 days of inflow.
The price of Bitcoin reversed course after falling 8.5% from its all-time high on July 14 over the weekend, hitting a low of $112,300 on Sunday before bouncing back to $115,000 in late Monday trade.
Strong Market Pressure
In comparison to July’s massive net influx of $5.2 billion—representing 9% of the net inflows the ETF has seen since its introduction in January 2024—BlackRock’s most recent loss is a minor event. US Spot Bitcoin ETFs have fallen in value for three consecutive trading days.
With the exception of Bitwise (BITB), which received $18.7 million, all US-based products had no flows on Monday. Fidelity’s Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust (GBTC) both outflowed $40 million and $10 million, respectively.
Following the asset’s recovery from $112,000 support, the outflow of funds from exchange-traded funds (ETFs) on Monday was less extreme than the $812 million outflow on Friday. Institutional digital asset offerings seem to be in a better position overall this year.
While the private asset bubble is slowing down, digital assets and hedge funds have taken market share this year, according to Bloomberg ETF analyst Eric Balchunas.
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